1. Background and Regulatory Context
On 18 March 2026, the Securities and Exchange Commission issued the Guidelines on Revised Minimum Capital for Regulated Entities. These Guidelines were made under the Investments and Securities Act 2025 and other enabling legislations, with the aim of updating and strengthening the capital requirements applicable to operators in the Nigerian capital market.
The document is far more than a routine administrative adjustment. Its stated objectives include improving investor protection, strengthening the resilience and integrity of the Nigerian capital market, establishing a more risk sensitive and proportionate capital framework, supporting effective supervision and early regulatory intervention, and bolstering both domestic and international confidence in the prudential soundness of the market. These aims are consistent with global standards, including IOSCO principles.
