Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC), yesterday indicated that it has started the implementation of the newly enacted Investments and Securities Act, 2025 (ISA 2025).
President Bola Tinubu had earlier this month signed into law the new Investment and Securities Act (ISA) 2025, which repealed the Investments and Securities Act No. 29 of 2007.
SEC yesterday stated that in line with the new ISA 2025, it is now illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the Commission.
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SEC called on stakeholders in the financial and investment ecosystem to familiarise themselves with the new provisions and ensure full compliance with the new Act.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the Commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity with the plan of setting up a business in any of this area is advised to visit the HOD, DRM Department of the Commission for further directive on how to register with the Commission to avoid sanctions,” SEC stated.
According to SEC, under the newly enacted legislation, the Commission is now empowered to regulate a broader scope of market activities as Section 3(3)(b) of the Act explicitly mandates the Commission to “register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues”.
Director-General, Securities and Exchange Commission, Dr. Emomotimi Agama, described the new law as a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and in tune with global best practices.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” Agama said.
He reaffirmed his commitment to supporting innovation while maintaining strict oversight.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.
The new Act introduced critical reforms to promote market integrity, transparency, and sustainable growth, while enhancing the authority of the SEC as the apex regulatory authority of the Nigerian capital market.
