Nigeria’s Securities and Exchange Commission (SEC) has introduced sweeping revisions to capital requirements for capital market operators, replacing the 2015 regime with stricter thresholds and setting a compliance deadline of June 30, 2027.
Okay News reports that the new framework, outlined in a circular issued on January 16, 2026, targets brokers, dealers, fund managers, issuing houses, fintech firms, and digital asset operators, aiming to enhance market resilience, eliminate undercapitalised players, and reward firms with strong governance and scale.
Brokers now face a minimum capital requirement of N600 million, up from N200 million, while dealers require N1 billion, previously N100 million.
Broker-dealers face the steepest increase, rising from N300 million to N2 billion, reflecting their exposure across trading, execution, and margin lending.
Fund and portfolio managers adopt a tiered structure: those managing assets above N20 billion must hold N5 billion, while mid-tier managers require N2 billion.
Private equity and venture capital firms face N500 million and N200 million respectively.
A dynamic rule applies: firms managing assets above N100 billion must maintain at least 10 per cent of assets under management as capital.
Digital asset firms, previously in a regulatory grey area, are now fully captured. Exchanges and custodians require N2 billion each, while tokenisation platforms and intermediaries face thresholds between N500 million and N1 billion.
Robo-advisers must now maintain N100 million in capital.
Issuing houses offering full underwriting services need N7 billion, while advisory-only services require N2 billion.
Registrars, trustees, and underwriters face new floors of N2.5 billion, N2 billion, and N5 billion respectively.
Individual investment advisers must now meet a N10 million threshold.
Market infrastructure players face some of the highest obligations: composite exchanges and central counterparties require N10 billion each, while clearinghouses need N5 billion.
The SEC’s focus on systemic institutions signals a deliberate push to safeguard the stability of Nigeria’s capital market ecosystem.
The 18-month compliance window allows operators to adjust, but smaller players may struggle, potentially leading to consolidation, mergers, exits, or partnerships with stronger firms.
For investors, the changes mean a stronger safety net, as operators with more robust capital cushions are better equipped to weather shocks and protect client assets.
The SEC’s recalibration is strategic: fewer firms, but with greater governance depth and financial strength.
The new rules replace the outdated 2015 capital rulebook and follow the SEC’s 2023 Digital Assets Rulebook, which formalised oversight of Virtual Asset Service Providers (VASPs).
This update reflects the growing complexity and risk in collective investment schemes, digital assets, and private equity funds, pushing the market toward a more resilient future.
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