By Adedapo Adesanya

In a major boost to capital market regulation in Nigeria, President Bola Tinubu recently assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Securities Act 2025.

This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.

The news has sent ripples of excitement across the capital market landscape in the country as it will regulate the market to ensure capital formation, protect investors, maintain a fair, efficient, and transparent market, and reduce systemic risks.

The Act reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market, as well as to The Act also introduces transformative provisions to further align Nigeria’s market operations with international best practices.

According to the Director General of the SEC, Mr Emomoitimi Agama, said, “The Act enhances the regulatory powers of the SEC in a manner comparable to benchmark global securities regulators.” These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.

He said that other notable provisions of the ISA 2025 include the Classification of Exchanges and the inclusion of provisions on financial market infrastructures. The Act classifies Securities Exchanges into Composite and Non-composite Exchanges – A Composite Exchange is one in which all categories of securities and products can be listed and traded. At the same time, a Non-composite Exchange focuses on a singular type of security or product.

There are also new provisions on Financial Market Infrastructures, such as Central Counterparties, Clearing Houses, and Trade Repositories.

Other highlights of the Act are the Expansion of the definition and Understanding of Securities. The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview.

The Act introduces provisions for monitoring, managing, and mitigating systemic risk in the Nigerian capital market.

The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.”

The SEC head disclosed that the Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to enable the development of the entire commodities ecosystem.

On the Issuance of Securities by Sub-Nationals and their Agencies, salient provisions of the Act addressed existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.

He said that The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions. It prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.

In a bid to strengthen the Investments and Securities Tribunal, the Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to discharge its mandate optimally.

Mr Agama lauded the President’s assent as a transformative step for the capital market, saying that the ISA 2025 reflects a commitment to building a dynamic, inclusive, and resilient capital market.

“By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments. We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2025 for the benefit of our economy.”

“The SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market. The meticulous deliberations, extensive stakeholder engagements, and bi-partisan support demonstrated throughout the legislative process highlight the National Assembly’s resolve to foster economic growth and enhance investor confidence.

“We also commend the Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project. Their strategic guidance, policy expertise, and steadfast support have ensured that the ISA 2025 aligns with Nigeria’s broader economic objectives.”

On his part, Mr Oluropo Dada,  the 13th President and Chairman of Council of the Chartered Institute of Stockbrokers (CIS) lauded the move.

“This Act is a testament to our collective commitment to advancing the capital market and securing its future as a catalyst for economic growth and prosperity,” adding that it made sure that the voices of market operators, investors, and financial experts were well represented.

“The enactment of the Investment and Securities Act 2024 underscores the government’s commitment to fostering transparency, efficiency, and stability in the country’s financial markets.” .

“As capital market professionals, we are confident that this Act will deepen market integrity, boost investor confidence, and expand the range of investment opportunities available to Nigerians and global investors alike.

“As we enter this new era of capital market transformation, I urge all stakeholders—regulators, market operators, investors, and policymakers—to continue working collaboratively to ensure the seamless implementation of the Act’s provisions.

“The Chartered Institute of Stockbrokers remains committed to providing the necessary professional expertise, advocacy, and capacity-building initiatives required to maximise the benefits of this law for all market participants,” he noted.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed a significant increase in transactions last week, with investors trading 7.521 billion equities valued at N398.949 billion compared with the 2.902 billion equities worth N48.064 billion bought and sold in 57,044 deals a week earlier.

Lafarge Africa, Sovereign Trust Insurance, and Cutix were the busiest stocks in the week, accounting for 5.546 billion units worth N332.381 billion in 1,300 deals, contributing 73.73 per cent and 83.31 per cent to the total trading volume and value, respectively.

Unlike the previous week, the industrial goods sector led the activity chart with 4.923 billion shares valued at N331.999 billion in 2,969 deals, contributing 65.46 per cent and 83.22 per cent to the total trading volume and value, respectively.

The financial services industry slipped to second with a turnover of 2.092 billion shares valued at N31.744 billion in 32,421deals, and third place was the services counter with 198.775 million shares sold for N788,669 million in 3,450 deals.

Business Post reports that 43 stocks appreciated in the week versus 32 stocks in the previous week, 36 equities depreciated versus 48 equities a week earlier, and 71 shares closed flat versus 70 shares in the preceding week.

Mutual Benefits gained 56.72 per cent to close at N1.05, Sunu Assurances expanded by 33.27 per cent to N6.65, Abbey Mortgage Bank grew by 31.39 per cent to N4.73, Royal Exchange surged by 31.25 per cent to N1.05, and eTranzact jumped by 19.79 per cent to N5.75.

Conversely, Africa Prudential lost 60.45 per cent to quote at N13.05, CWG shed 11.11 per cent to settle at N8.00, John Holt slipped by 10.00 per cent to N7.74, UH REIT declined by 9.93 per cent to N51.25, and United Capital depreciated by 9.84 per cent to N16.50.

Bargain-hunting lifted the mood of the bourse in the five-day trading week, with the All-Share Index (ASI) and the market capitalisation closing higher by 0.66 per cent to 105,660.64 points and N66.257 trillion, respectively.

Similarly, all other indices finished higher apart from the energy and commodity indices, which retreated by 1.65 per cent and 0.76 per cent respectively, while the AseM index closed flat.

By Dipo Olowookere

A new report by Atmos has revealed that Nigeria is not among the 10 most cryptocurrency-obsessed countries in the world despite a growing interest in digital assets among citizens.

In the report made available to Business Post, it was disclosed that the United Arab Emirates (UAE) is the most crypto-obsessed country in 2025, with over a quarter of its population owning at least a digital coin.

It was discovered that the country has exceptional adoption growth at 210 per cent and moderate searches despite having minimal Bitcoin ATM infrastructure.

Following is Singapore with a score of 97.5, with nearly a quarter of its population having cryptocurrency, and has seen a 150 per cent increase in adoption. With 160,000 monthly crypto searches, Singapore maintains its reputation as one of the most engaged markets in the space despite lacking any Bitcoin ATMs.

The United States was third with an ownership rate of 15.5 per cent, though leading in Bitcoin ATMs, housing nearly 30,000 nationwide. It also records the highest number of crypto searches, surpassing 4.2 million monthly, indicating a continued mainstream interest in digital assets.

The fourth place was Canada though it has an adoption growth rate at 225 per cent, with 10.1 per cent of its population now holding cryptocurrency. It hosts the second-largest Bitcoin ATM network globally with 3,561 machines, dramatically fewer than the US but thousands more than any previous country.

Turkey secured the fifth spot with crypto ownership of 19.3 per cent, and a monthly search rate of 802,000. While adoption growth of 135 per cent is slightly lower than other top-ranked countries, Turkey’s increasing reliance on digital assets amid economic uncertainty highlights its strong position in the crypto market.

The sixth was Germany and adoption growth rate at 225 per cent, with over one million crypto-related searches per month, Switzerland ranked seventh, Australia occupied eighth place, Argentina ranked ninth and South Korea occupied the 10th place.

“Cryptocurrency adoption is not just about investment trends. It is reshaping financial systems worldwide. In some regions, it is a hedge against inflation and currency instability, while in others, it is a step toward a more digitized economy.

“What truly drives adoption is not just interest but accessibility. When regulatory clarity, payment integration, and real-world utility align, crypto moves from speculation to a fundamental part of everyday transactions.

“As global financial landscapes shift, the countries embracing this evolution will be the ones setting the standard for the future of digital finance,” the chief executive of Atmos, Mr Nick Cooke, said.