On 25 March 2025, President Bola Ahmed Tinubu signed into law,
the Investment and Securities Act, 2025 (the "ISA
2025"), repealing the earlier Investment and
Securities Act, 2007 (the "ISA 2007"),
and introducing wide-ranging reforms aimed at strengthening
Nigeria's capital markets.
This article highlights key innovations under the ISA 2025 that
relate to securities exchanges, including registration reforms,
regulatory oversight, and governance controls. Where relevant, we
draw parallels with similar regimes in other jurisdictions to offer
practical context.
Being platforms1 that facilitate the trading of
securities such as stocks, bonds, commodities, and derivatives, the
focus on securities exchanges is timely. As market activity
deepens, and the range of tradable instruments expands, regulatory
clarity and flexibility around the operation and supervision of
these platforms has become critical.
