The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu | The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu |

Who
We Are

Our Corporate Identity, Rich History, and Guiding Ethos at the Securities and Exchange Commission, Nigeria

Who We Are

The Securities and Exchange Commission (SEC) is the apex regulatory body for the Nigerian capital market. It was established in 1979 and operates under the purview of the Investments and Securities Act (ISA) of 2007.

The SEC's primary mission is to protect investors, maintain fair and efficient markets, and ensure the integrity of the Nigerian capital market. It achieves this by regulating various market participants, including securities exchanges, investment firms, and public companies issuing securities. The SEC also sets rules and standards for the market and monitors compliance.

Our Mission

To Develop and Regulate a Capital Market that is Dynamic, Fair, Transparent and Efficient, to Contribute to the Nation’s Economic Development.

Our Vision

To be Africa’s Leading Capital Market Regulator.

Our Core Values

Our values form the bedrock of our organization, guiding every decision and action we take. We hold ourselves to the highest standards of:

  • Governance: Upholding the principles of good governance.
  • Fairness: Ensuring equitable opportunities and outcomes for all market participants.
  • Integrity: Operating with the utmost honesty and transparency.
  • Excellence: Striving for continuous improvement and excellence in all we do.
  • Loyalty: Demonstrating unwavering dedication to our stakeholders and mission.
  • Discipline: Enforcing rigorous standards and adherence to regulations.

Our History

The origins of the Securities and Exchange Commission (SEC) trace back to 1962, when an ad hoc advisory Capital Issues Committee was set up under the Central Bank of Nigeria (CBN) to review and time capital‐raising applications—avoiding market oversaturation. Operating informally within the CBN, this body provided consultative oversight without formal regulatory authority.

1973: Creation of the Capital Issues Commission

In response to expanding economic activity and under the Nigerian Enterprises Promotion Decree (1972), the Capital Issues Commission was legally constituted by decree in March 1973, inheriting the Committee’s mandate. Its nine‐member board—including a CBN‐appointed Chairman and representatives from federal ministries, industry and finance—gained formal power to regulate the timing, pricing and allocation of new securities.

1979–1980: Emergence of the SEC

A Federal Financial System Review Committee (1976) recommended further strengthening Nigeria’s capital‐market oversight. Consequently, the Securities and Exchange Commission Decree No. 71 of 1979 transformed the Capital Issues Commission into today’s SEC. Key changes effective 1 January 1980 included:

  • Independent status: Excised from the CBN, though initially still funded by it
  • Expanded board: Twelve members, with a CBN representative as Chairman and others drawn from the Ministries of Finance, Trade & Industry, the Nigerian Stock Exchange and the Nigerian Enterprises Promotion Board, plus individuals nominated on merit
  • Broader powers: Authority to regulate, develop the market, set issue prices and allotment criteria
  • Staffing: Launched with 51 staff (including seven seconded from the CBN for three years)

Legal Framework Enhancements

  • 1988: The original SEC Decree was re-enacted as Decree No. 29 of 1988, plugging gaps and bolstering enforcement.
  • 1996–1999: A high-level review headed by Chief Dennis Odife led to the Investments and Securities Act No. 45 of 1999, repealing the 1988 law and aiming to foster a more efficient, vibrant market.
  • 2007: The ISA underwent comprehensive amendments (ISA 29 of 2007), further strengthening the SEC’s regulatory authority. Today, the SEC derives its powers from the ISA 29 of 2007.

International Collaboration

  • June 1985: Nigeria’s SEC became a member of the International Organization of Securities Commissions (IOSCO), committing to globally recognized regulatory standards.
  • 2006: Attained Appendix ‘A’ Signatory status under the IOSCO Multilateral Memorandum of Understanding (MMOU), enabling mutual cooperation, information sharing and benchmarking of market rules against international best practices.

Our Corporate Philosophy

Built upon a foundation of mission, vision and values, the SEC remains dedicated to:

  1. Investor Protection: Safeguarding market participants through transparent regulation
  2. Market Development: Fostering growth, innovation and efficiency in Nigeria’s capital markets
  3. Integrity and Accountability: Upholding the highest ethical standards in all operations
  4. Global Engagement: Collaborating internationally to align with best practices and support cross-border investment

At the SEC, we are not just shaping markets; we are shaping the future. Join us on this journey towards a more vibrant and prosperous financial landscape for Nigeria and beyond.

  1. Back to Home
  2. /
  3. About
  4. /
  5. Our Role
  6. /
  7. Who We Are