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 |

Circular To Issuing Houses On “No-Objection For Transactions”

The Securities and Exchange Commission (“the Commission”) hereby draws the attention of Issuing Houses to the due diligence requirement for a “No-Objection” letter from “primary regulators” of Issuers, especially those in the Banking and Insurance sectors, as a prerequisite for the Commission’s approval of proposed transactions.

In a bid to further improve the Commission’s transaction turn-around period, Issuers would henceforth be required to obtain the reference letter of “No-Objection” from their respective primary regulators and file same along with other application documents presented to the Commission.

The letter of No-Objection should cover the following:

  • Confirmation that there has not been any material change(s) in the financial statements of the Issuer/Sponsor from the last accounting year end to date;
  • Names of current members of the Board of Directors; and
  • No objection to the proposed issuance.

Please be informed that where in relevant instances, an application is not accompanied by a letter of “No-Objection”, such submission will be considered to be incomplete and would not be processed.

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