Inside SEC’s Push To Digitise Nigeria’s Capital Market
A Hard Deadline Signals a Regulatory Shift
NIGERIA’S Securities and Exchange Commission (SEC) has drawn a firm line under its long-promised digital reform agenda, announcing that all capital market operators must renew their registrations between 1st and 31st January 2026. The deadline is more than an administrative requirement; it marks a decisive break from manual, paper-driven regulation toward a fully technology-enabled supervisory regime.
SEC Director General, Dr. Emomotimi Agama, disclosed the plan in Abuja, confirming that from the first quarter of 2026, all registration processes and updates will be received and processed electronically.
From Paper Trails to Data Trails
For decades, Nigeria’s capital market regulation has relied heavily on physical documentation, face-to-face interactions and lengthy approval cycles. According to Agama, these inefficiencies have increased compliance costs, slowed market innovation and weakened oversight.
The new Digital Transformation Portal now enables end-to-end automation of registration and licensing. Market operators can submit applications, upload documentation and track approvals entirely online, a move designed to eliminate delays and reduce regulatory friction.
“This is not cosmetic reform,” Agama said, stressing that automation will allow the commission to supervise markets in real time rather than retrospectively.
Expanding the Digital Net
Beyond registration, the SEC has deployed an electronic Commercial Paper issuance module, allowing issuers to file documents digitally and monitor approvals in real time. Early feedback suggests faster turnaround times and improved transparency—two longstanding pain points in Nigeria’s capital market.
The commission is also preparing to automate quarterly and annual returns, with structured templates and built-in validation checks aimed at improving data accuracy. A returns analytics dashboard is being developed to support risk-based supervision and exception reporting, enabling regulators to identify red flags early.
Infrastructure, Cybersecurity and Trust
To support the reforms, SEC is upgrading its IT backbone, including servers, networks and security layers. Selective cloud migration is underway for platforms requiring scalability, while core systems remain on-premise pending further security evaluation.
Agama said cybersecurity is central to the transformation, with vulnerability assessments and penetration testing planned to safeguard sensitive investor and market data.
Regulating Innovation Without Stifling It
While welcoming automation, the SEC boss warned that emerging technologies such as artificial intelligence must be deployed responsibly. He called for phased regulation of AI, targeted support for smaller firms and stronger investor education, particularly for younger participants.
“Innovation without trust will fail,” Agama said, adding that fairness, transparency and accountability remain the foundation of a credible capital market.
