Regulators earned more than N3.32 billion in statutory commissions in November 2025, even as the Nigerian equities market recorded its heaviest monthly loss on record. The Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX) each generated over N1.66 billion from fees tied to stock, bond, and Exchange Traded Products (ETP) transactions.
The revenue surge was driven by a sharp rise in market turnover across major asset classes. Equity trading alone produced N485.589 billion in turnover for the month, supported by high activity in Guaranty Trust Holding Company Plc (GTCO), Access Holdings Plc, and Cornerstone Insurance Plc. ETP trades contributed N182.691 million, while bonds added N301.724 million.
Regulators collect two mandatory charges on equity transactions. The SEC fee applies on buy orders at 0.3 percent of the transaction value plus 7.5 percent VAT, giving an effective rate of 0.3225 percent. The NGX fee applies on sell orders at the same rate, also rising to 0.3225 percent with VAT. These charges form the statutory commissions for processing and supervising transactions on the Exchange.
From equity trades alone, the SEC earned N1.46 billion, matched by an identical N1.46 billion for NGX. Both regulators collected an additional N538,968 from ETP transactions and N905,172 from bond activity. Listing fees, including revenue tied to the Ministry of Finance Incorporated’s (MOFI) N1 trillion fund, were excluded from the computation.
The strong commission inflow contrasted sharply with investor outcomes. Market capitalization fell by N6.54 trillion in November, the steepest monthly decline since the NGX surpassed the N10 trillion mark in January 2013. The selloff reflected intensified profit-taking ahead of the planned 30 percent Capital Gains Tax (CGT) set for implementation on January 1, 2026.
Despite the historic downturn, turnover growth points to an active trading environment and sustained investor engagement. With November commissions exceeding N3 billion, SEC and NGX enter the final weeks of the year with solid revenue momentum and continued interest across equities, ETPs, and bonds.
 and the Nigerian Exchange Group (NGX) each generated over N1.66 billion from fees tied to stock, bond, and Exchange Traded Products (ETP) transactions.){kind=link}