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Finance · Nigeria

Register as a capital market operator (SEC)

Register a broker, dealer, broker-dealer, issuing house or fund/portfolio manager with the Securities & Exchange Commission under the Investments and Securities Act 2025: meet the minimum capital → sponsored individuals → file with SEC → registration.

4
steps
2
agencies involved
Who you will deal with
Securities & Exchange Commission (SEC)SEC
The steps
  1. 1Choose the regulated function
    Agency
    Securities & Exchange Commission (SEC)
    What is required
    Identify the function: broker, dealer, broker-dealer, issuing house, trustee, registrar, fund/portfolio manager, private equity or venture capital fund manager. Each is a separately registered capital-market function.
    Documents
    Board resolution; business plan
    Typical timeline
    Planning
  2. 2Meet the minimum capital
    Agency
    SEC
    What is required
    Under SEC Circular 26-1 (16 January 2026, Investments and Securities Act 2025): broker ₦600m; dealer ₦1.0bn; broker-dealer ₦2.0bn; portfolio manager tier-1 (AUM > ₦20bn) ₦5bn and tier-2 ₦2bn; private equity fund manager ₦500m; venture capital fund manager ₦200m. Compliance deadline: 30 June 2027.
    Documents
    Audited accounts; evidence of paid-up capital
    Typical timeline
    By 30 June 2027
  3. 3File the application with sponsored individuals
    Agency
    SEC
    What is required
    File the SEC forms with the CIC and MEMART (with the relevant object clause), audited accounts, fidelity bond, profiles of sponsored individuals (who must themselves be registered), and evidence of membership of the relevant trade group/exchange.
    Documents
    SEC forms; CIC; MEMART; audited accounts; fidelity bond; sponsored individuals
    Typical timeline
    Weeks-months
  4. 4Inspection and registration
    Agency
    SEC
    What is required
    SEC conducts a pre-registration inspection of the office and systems, then registers the operator. Registration is continuing - failure to comply with the capital rules can lead to suspension or withdrawal of registration.
    Documents
    Certificate of registration
    Typical timeline
    On inspection

Primary source: https://sec.gov.ng/for-businesses/become-an-operator/ · confidence: high

Also in finance
Obtain a Bureau de Change licence (CBN)Obtain a Pension Fund Administrator licence (PENCOM)Obtain a commercial/merchant bank licence (CBN)Obtain a microfinance bank licence (CBN)Obtain a money lender's licence (state)Obtain a payment service (fintech) licence (CBN)

The numbers behind the decision

Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.

Open the TerminalHow we source it

ONYX publishes what the responsible agencies publish, with a link to each source. Requirements, fees and timelines change, and an officer's reading of a rule can differ from the published text. Verify against the linked source before you commit money — this is reference information, not legal advice.

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