NKECHI NAECHE—ESEZOBOR—The Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX) have affirmed that the newly enacted Investments and Securities Act (ISA) 2025 will play a pivotal role in attracting investments, strengthening regulatory oversight, and positioning Nigeria’s capital market for sustainable growth.
Speaking at the 2025 workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, the regulators described the Act—recently signed into law by President Bola Tinubu—as a transformative framework designed to modernise market regulation, enhance governance standards and create a more competitive investment climate.
Presenting his keynote address, the Director-General, SEC, Mr. Emomotimi Agama, stated that the ISA 2025 is not only a replacement for the 2007 Act as it represents a comprehensive reform agenda designed to modernise regulatory environment, strengthen governance, attract investment, and reposition Nigeria’s capital market to meet the demands of a dynamic global economy.
Agama, who was represented by Lagos Head of the Commission, John Briggs noted that CAMCAN workshop theme suggests regulatory reforms play a defining role in shaping the nation’s investment climate, and ISA 2025 is central to that transformation.
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According to him, operating under the ISA 2025 is aimed to align with International Organization of Securities Commissions (IOSCO) standards with the imperative to strengthen Nigeria’s investment climate by building a deeper, more resilient capital market.
“One of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission.
“For the first time, the Act explicitly sets out the regulatory objectives, functions, and powers of the Commission including acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risks, and supporting capital formation,” he said.
He noted that the major conceptual shift introduced by ISA 2025 is the transition from regulating only “Capital Market Operators” to supervising a wider class of “regulated entities.”
Part of which include: digital asset and virtual asset exchanges, warehouse operators and warehouse receipt systems, derivatives and commodities platforms and market infrastructure operators.
He maintained that for the first time, the SEC is empowered to: identify market-wide vulnerabilities; collaborate with other regulators during periods of financial stress; take pre-emptive action to prevent contagion; and ensure the stability of systemically important institutions.
For investors, he explained that the ISA 2025 signals a more resilient and predictable market
environment, one that is better able to withstand shocks.
According to him, the ISA 2025 addresses Ponzi schemes more decisively by giving the SEC power to seal prohibited schemes and impose criminal sanctions.
“These reforms protect retail investors, deepen the fund-management industry, and encourage genuine collective investment vehicles that can mobilise long-term capital.
“This is a strong boost to investor confidence and contributes meaningfully to improving Nigeria’s investment climate,” Agama added.
He, however, called on collective responsibility of stakeolders to bring the framework to life
through collaboration, capacity building, and faithful implementation.
“The ISA 2025 will become the cornerstone of the capital market Nigeria needs and deserves, and a catalyst for a stronger and more competitive investment climate,” he added.
While giving his speech, the Chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga, stated that the recent reforms encapsulated in the IS) 2025, has entered a pivotal phase in strengthening market governance, boosting investor protection, and enhancing overall market competitiveness.
He noted that, “These reforms are not merely regulatory updates; they are foundational shifts designed to modernize our capital market architecture, attract deeper pools of capital, and position Nigeria as a top-tier investment destination within Africa and globally.
“As we navigate the complexities and opportunities presented by these reforms, your role as market media stakeholders becomes even more critical.”
He called on participants at the conference to maximize opportunities offered by ISA 2025 as regulators, operators, investors, and the media work in alignment.
He commend CAMCAN for its unwavering commitment to enriching capital market literacy and facilitating meaningful engagement among stakeholders.
“I am confident that the insights shared today will contribute significantly to strengthening Nigeria’s capital market and supporting sustainable economic growth,”Kwairanga added.
