Nigeria’s Securities and Exchange Commission (SEC) has unveiled a sweeping overhaul of capital requirements for capital market operators, significantly raising the financial thresholds for brokers, fund managers, issuing houses, fintechs and digital asset firms.
The changes were announced in a circular issued on January 16, 2026, which replaces the existing 2015 capital regime and gives operators until June 30, 2027, to comply.
According to the SEC, the revised framework is designed to strengthen market resilience, eliminate undercapitalised operators and promote stronger governance across Nigeria’s capital market.
Under the new rules, brokers’ minimum capital has been raised from ₦200 million to ₦600 million, while dealers must now hold ₦1 billion, up from ₦100 million.
Broker-dealers face the sharpest increase, with requirements jumping from ₦300 million to ₦2 billion, reflecting their broader exposure to trading, execution and margin lending.
Fund and portfolio managers are now subject to a tiered structure. Firms managing assets above ₦20 billion must maintain ₦5 billion in capital, while mid-sized managers are required to hold ₦2 billion.
Private equity firms must now hold ₦500 million, while venture capital firms are required to maintain ₦200 million.
In addition, any firm managing over ₦100 billion in assets must hold capital equal to at least 10 per cent of assets under management, introducing a dynamic capital buffer tied to scale.
Digital asset operators, previously operating with limited oversight, are now fully captured under the new framework.
Digital exchanges and custodians must maintain ₦2 billion each, while tokenisation platforms and intermediaries face capital thresholds ranging from ₦500 million to ₦1 billion. Even robo-advisers must now meet a ₦100 million minimum.
Issuing houses offering full underwriting services must now hold ₦7 billion, while advisory-only firms require ₦2 billion.
New minimums have also been set for registrars (₦2.5 billion), trustees (₦2 billion) and underwriters (₦5 billion). Individual investment advisers must now maintain ₦10 million, ending the era of near-zero capital entry.
Market infrastructure institutions face the highest thresholds, with composite exchanges and central counterparties required to hold ₦10 billion, while clearing houses must maintain ₦5 billion.
Analysts say the tougher requirements are likely to trigger consolidation across the market, as smaller operators struggle to meet the new thresholds. Some firms may downsize, merge or exit, while others seek strategic investors to survive.
For investors, the changes promise stronger protection, as better-capitalised firms are more capable of absorbing shocks and safeguarding client assets. For regulators, the move signals a shift towards fewer but stronger operators with deeper balance sheets and improved governance.
