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Finance & capitalFinanceNigeria

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.

Procedure
4steps
Coordination
2agencies
Category
Finance & capitalFinance
Task links

Go to the exact next page

Application, requirements, forms, fees, and tracking are labelled separately.

RequirementsRead the Securities & Exchange Commission (SEC) service pageSecurities & Exchange Commission (SEC) · sec.gov.ngForm or guideOpen the official documentSEC · sec.gov.ng
Routing map

Who you will deal with

Securities & Exchange Commission (SEC)SEC
Procedure

The steps, in order

Each route below is scoped to the step it can actually complete.

  1. 01

    Choose 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
    Use for this step
  2. 02

    Meet 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
    Use for this step
  3. 03

    File 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
    Use for this step
  4. 04

    Inspection 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
    Use for this step
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