Launch of the SEC's redesigned website | 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 | Launch of the SEC's redesigned website | 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 |

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Track of Circulars

Stay abreast of the latest developments in Nigeria's capital market by keeping track of essential SEC circulars. Enhance your understanding of current guidelines, practices, and regulatory changes. Make informed investment decisions and navigate the market with confidence.

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Updated Circular To All Prospective Capital Market Operators On Q4 2025 Pre-Registration Training And Examination Oct. 30, 2025
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CIRCULAR TO ALL PROSPECTIVE CAPITAL MARKET OPERATORS ON Q4 2025 PRE-REGISTRATION TRAINING AND EXAMINATION The Securities and Exchange Commission (the Commission) hereby notifies all applicants for registration as Capital Market Operators that the next cycle of the pre-registration training and examination is scheduled to commence on Monday, November 3, 2025. Eligible applicants are as follows: Oct. 28, 2025
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Notification for the Second CMC Meeting in 2025 Oct. 18, 2025
Public Notice – AFRIQUANTUMX Oct. 7, 2025
Interpretative Guidance Note on Private Equity Fund Rules This Interpretative Guidance Note (IGN) seeks to clarify the provisions of the amended rules 558, 560(b), and 560(c) of the Private Equity Fund Rules published on the Commission’s website on April 24, 2025. Oct. 2, 2025
Call for Membership into CMMP Working Groups Sept. 11, 2025
Proceedings of the first CMC of 2025 The following are the presentations made during the first 2025 Capital Market Committee (CMC) meeting. These documents are published to provide stakeholders and the public access to the discussions and initiatives considered by the Committee. Sept. 11, 2025
Launch of the SEC's Redesigned Website Aug. 29, 2025
Corporate Governance Crisis In The Tourist Company Of Nigeria (TCN) PLC July 28, 2025
Circular On The Expiration Of The Companies Income Tax (Exemption Of Bonds And Short-Term Government Securities) Order, 2011 July 1, 2025
Guidance Note to Capital Market Operators and Public Companies on the Circular Regarding Board Appointments and Director Tenure July 1, 2025
Circular To All Prospective Capital Market Operators On Pre-Registration Training And Examination July 1, 2025
Circular On Review And Processing Of Applications For Commercial Papers June 25, 2025
Illegal Operator – CMTrading June 20, 2025
Illegal Operator Alert – Sapphire Scents Limited June 19, 2025
Circular To All Public Companies And Capital Market Operators On The Transmutation Of Independent Non-Executive Directors And Tenure Of Directors June 19, 2025
Illegal Operator Alert – ZugaCoin and Samzuga GPT June 17, 2025
Illegal Operator Alert -CBEX (Crypto Bridge Exchange)-Super Technology-ST Technologies International Ltd June 11, 2025
Update on Enforcement Portal of the SEC website June 7, 2025
Illegal Operator Alert – Punisher Coin June 5, 2025
Circular To Paying Companies, Capital Market Stakeholders And The General Public On The Treatment Of Unclaimed Dividends Of Public Companies June 5, 2025
Circular On The Implementation Of A New Settlement Cycle For Equities Transactions In The Nigerian Capital Market June 3, 2025
Notice of Extension: Technology Adoption Survey for Capital Market Operators (CMOs) May 29, 2025
Illegal Operator Alert – Silverkuun Investment Cooperative Society/Silverkuun Limited May 28, 2025
Public Notice – Property World Africa Network (PWAN)/PWANMax May 6, 2025
Technology adoption Survey for Capital Market Operators May 5, 2025
Postponement of First Capital Market Committee (CMC) Meeting of 2025 May 3, 2025
Public Notice – Tofro.com April 30, 2025
CBEX(Crypto Bridge Exchange) / Super Technology/ ST Technologies International Ltd April 17, 2025
Notification of First Capital Market Committee (CMC) Meeting of 2025 April 17, 2025
Circular On First Registration Meeting For 2025 April 3, 2025
Notice Of Cancellation Of Registration Of Mainland Trust Limited March 14, 2025
Illegal Operator Alert – Provest March 6, 2025
Illegal Operator Alert – My Shares And UYJ Multitrade Limited March 6, 2025
Circular On Q1 2025 Pre-Registration Training And Examinations March 4, 2025
Relocation Of Monitoring And Enforcement Departments Jan. 22, 2025
Circular to Fund/Portfolio Managers on Payment of Supervisory and Regulatory Fees Dec. 31, 2024
Illegal Operator Alert – Marino FX Ltd Nov. 25, 2024
Circular To All Public Companies – Publication of Periodic Returns on Company Websites Nov. 17, 2024
Notice of CMC Postponement Nov. 1, 2024
Time Change Notification for the Second CMC Meeting in 2024 Aug. 9, 2024
Notification for the Second CMC Meeting in 2024 – Venue Change Aug. 6, 2024
Notification for the Second CMC Meeting in 2024 July 19, 2024
2nd Pre-Registration Examination For Sponsored Individuals July 17, 2024
Scammer Alert July 5, 2024
Revamped E-Dividend Mandate Management System Portal July 2, 2024
Disclaimer On Activity Of Alpha Trust Investment Club (ATIC) June 26, 2024
Ponzi: Famzhi Boss Jailed Five Years for Investment Scam June 19, 2024
Implementation of Enterprise Risk Management June 14, 2024
Investor Alert – $Davido Meme Coin Disclaimer June 14, 2024
New Numbering Format for Fixed Lines: New Contact Lines for the Commission May 5, 2024
Notification for the 2024 Capital Market Committee 1ST Webinar Meeting March 25, 2024
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Mandatory Audit Firm Rotation In Public Companies (Joint Audit) March 1, 2024
The SEC Regulatory Incubation Program: Call for Applications into Cohort 002/24 Feb. 16, 2024
Notice To All Capital Market Operators (CMOS) On 2024 Renewal Of Registration Dec. 22, 2023
Nigerian Capital Market Institute – 2024 Training Calendar Dec. 21, 2023
IOSCO – Policy Recommendations for Crypto and Digital Asset Markets Dec. 8, 2023
Notification for the Third CMC Meeting in 2023 Oct. 19, 2023
Extension of Investments and Securities (Exemption of State Governments etc.) Order 2019 Sept. 22, 2023
WACMaC Conference 2023 Sept. 20, 2023
Specific Procurement Notice – Market Surveillance System Sept. 18, 2023
Proposed Amendment To Rule 234- Inter-Dealer Broker Sept. 12, 2023
Third West Africa Capital Market Conference Sept. 8, 2023
Workshop – Internal Control Over Financial Reporting In Public Companies Aug. 20, 2023
Revised Schedule for the 2023 Capital Market Committee 2nd Webinar Meeting Aug. 10, 2023
3rd West Africa Capital Market Conference (WACMaC) in Lagos Aug. 4, 2023
Warning Against Investing With Binance July 28, 2023
SEC Financial Statements Duly Audited Over The Years June 23, 2023
Circular on the Activities of Binance Nigeria Limited June 9, 2023
Notification For The 2023 Capital Market Committee 2nd Webinar Meeting June 7, 2023
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Official Disclaimer On Fake SEC Websites May 12, 2023
Notice of Acceptance of Applications for the Regulatory Incubation (RI) Program April 28, 2023
The Supreme Court Affirms the Jurisdiction of the Investments and Securities Tribunal over Capital Market Disputes April 5, 2023
Public Statement On Recent Reports On Seplat Energy PLC March 29, 2023
Notification for 2023 First CMC Webinar Meeting March 22, 2023
Corrigendum – Prequalification and Expression of Interest (EOI). PROJECT ID NO: P-NG-HZ0-007 Jan. 18, 2023
Nigerian Capital Market Institute – 2023 Training Calendar Jan. 4, 2023
Blacklisting Of Four (4) Italian E-Commerce Companies Dec. 22, 2022
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Request For Expressions Of Interest (Consulting Services-Firms) Dec. 22, 2022
Notice To All Capital Market Operators (CMOs) For Renewal Of 2023 Registration Dec. 12, 2022
Circular On Designation Of Ten Individuals And Three Entities By The National Sanctions Committee And Addition To The Nigeria Sanctions List Nov. 10, 2022
Notification for Third CMC meeting in 2022 and the launch of the Nigerian Capital Market Masterplan (2021 -2025) Nov. 1, 2022
Amendment to the Investment and Securities (Exemption of State Government etc.) Order, 2019 Sept. 27, 2022
Financial Literacy Technical Committee Presents A Timely Webinar On Fintech And The Capital Market Sept. 9, 2022
Circular On Periodic Updates Of Registered Farmers Cooperatives And Warehouses Linked To Commodity Exchanges Sept. 1, 2022
Re: Warning Against Investing With Unregistered Investments Crowdfunding Platforms Aug. 4, 2022
Circular On Processing Fee For Fairness Review Of Mergers, Takeovers And Acquisitions By The Securities And Exchange Commission, Nigeria April 11, 2022
Activities Of Some Unregistered Investments Schemes March 17, 2022
Circular To Issuing Houses On “No-Objection For Transactions” March 3, 2022
Re: Notice To All Capital Market Operators (CMOs) On 2022 Renewal Of Registration Jan. 21, 2022
Submission Of Fourth (4th) Quarter Unaudited And Annual Audited Financial Statements By Public Companies Jan. 20, 2022
FG’s Official Gazzette On Proscription Of Banditry And Screening Of Clients Against Sanction Lists Jan. 17, 2022
Circular To All Registered Fund/Portfolio Managers On Annual Regulatory And Supervision Fees Dec. 27, 2021
Activities Of FinAfrica Investment Limited (Chinmark Group) Dec. 25, 2021
Activities Of Poyoyo Investment (Pilvest) Nigeria Limited Dec. 24, 2021
Notice To All Capital Market Operators (CMOS) On 2022 Renewal Of Registration Dec. 16, 2021
Circular On The Commencement Of Regulatory Fee On Fixed Income (Bonds) Secondary Market Transactions Dec. 16, 2021
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Request For Expressions Of Interest (Consulting Services-Firms) Dec. 2, 2021
Guidance On The Implementation Of Sections 60 – 63 Of The Investments And Securities Act, 2007 – Extension Of Compliance Date To December 2023 Nov. 8, 2021
Notification For 2021 Third CMC Webinar Meeting Oct. 20, 2021
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Request for Expression of Interest (Consulting Services-Firms) Aug. 16, 2021
Update On Renewal Of Registration By Capital Market Operators Aug. 13, 2021
General Procurement Notice – Risk Based Supervision Framework Implementation And Capacity Development Project Aug. 10, 2021
Judgement Of The Federal High Court In Respect Of BARA Finance & Investment Ltd And Its Management/Promoters Aug. 5, 2021
Proposed Major Amendment to Rules on Securities Exchanges and Other Sundry Amendments July 27, 2021
OANDO Plc Enters Into A Settlement With The Securities And Exchange Commission July 19, 2021
Interoperability/Financial Market Infrastructures Link Framework Among Central Securities Depositories June 29, 2021
Official Disclaimer on SEC Registration of MBA Capital and Trading Limited June 22, 2021
Circular on the SEC Regulatory Incubation Program June 16, 2021
SEC Nigeria Takes Over Leadership Of The West Africa Securities Regulators Association (WASRA) June 16, 2021
Deadline for registration as a crowdfunding intermediary/platform June 11, 2021
Notice To The Public On Crowdyvest Halal Fund May 31, 2021
Effective Date Of The Crowdfunding Rules May 26, 2021
Update on Renewal of Registration for Capital Market Operators May 10, 2021
Official Disclaimer on Fake SEC Website and Fictitious Recruitment Exercise April 30, 2021
Press Release – Update On Suspension Of The Annual General Meeting Of OANDO PLC April 30, 2021
Call For Proposal – ICT Transformation – Development of ICT Transformation Strategy April 27, 2021
Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets April 8, 2021
Circular On Warehousing And Collateral Management March 29, 2021
Motion for Injuction / Stay of Execution – Engineer Patrick Ajudua Vs SEC & OANDO Plc March 26, 2021
Circular On The Renewal Of Registration March 23, 2021
Guidance On The Implementation Of Sections 60 – 63_Of The Investments And Securities Act_2007 March 8, 2021
Press Statement Feb. 24, 2021
Notification For 2021 First CMC Webinar Meeting Feb. 17, 2021
Press Release On Cryptocurrencies Feb. 11, 2021
The Investments And Securities Tribunal (IST) Restrains Unregistered Fintech Company From Stock Trading Dec. 19, 2020
Circular To Regulated Entities And Capital Market Stakeholders Dec. 18, 2020
Conduct Of Illegal Fund Management By Famzhi Interbiz Limited Dec. 18, 2020
Circular To All Brokers/Dealers Dec. 3, 2020
Pre-Notice On Cancellation/Withdrawal Of Certificates Of Registration Of Inactive Capital Market Operators Nov. 10, 2020
CIRCULAR – EXTENSION OF DEADLINE TO FILE QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2020 Nov. 5, 2020
CIRCULAR – AUDITED ACCOUNTS OF COLLECTIVE INVESTMENT SCHEMES Oct. 22, 2020
CIRCULAR TO ALL CAPITAL MARKET OPERATORS Oct. 22, 2020
EXPRESSION OF INTEREST ICT TRANSFORMATION – TECHNICAL RESIDENT ADVISOR Oct. 16, 2020
Nigeria Commemorates World Investor Week Oct. 14, 2020
SEC Corporate Governance Guideline and Revised FORM 01 Oct. 10, 2020
Statement On Digital Assets And Their Classification And Treatment Sept. 14, 2020
Notification For 2020 First CMC Webinar Meeting Aug. 10, 2020
Re: Activities Of An Illegal Operator IBSmartify Nigeria June 26, 2020
New Rules On Collective Investment Schemes June 22, 2020
Requirement For Additional Information On All Prospectuses Issued To The Public June 18, 2020
Official Disclaimer on alleged Resignation of Ms. Mary Uduk as SEC DG June 14, 2020
Circular To All Regulated Entities And The Market – Update On COVID 19 May 11, 2020
The Nigerian Capital Market Community Launches Initiative To Support The Fight Against COVID-19 April 21, 2020
Official Disclaimer On Alleged Recruitment Exercise April 13, 2020
Exposure Of Investor’s Data And Consent Form April 6, 2020
Circular To All Regulated Entities And The Market March 31, 2020
Clarification On Prohibition Of Gifts At General Meetings (AGMS/EGMS) March 26, 2020
Activities Of Unlawful Market Operators March 26, 2020
Circular To Capital Market Stakeholders On Covid-19 March 24, 2020
Circular to all Capital Market Operators/Stakeholders on Post-Approval Amendments to Transaction Documents March 23, 2020
2020 Capital Market Committee Meeting Calendar March 18, 2020
International Conference on the Nigerian Commodities Market 16-17 March 2020 March 14, 2020
Maintaining And Updating Comprehensive Investors/Shareholders Account Information March 13, 2020
Communique Issued At The 2020 Budget Seminar Themed “Leveraging The 2020 Budget And The Finance Act For The Growth Of The Nigerian Capital Market” March 13, 2020
Securities And Exchange Commission’s 4th Budget Seminar Feb. 7, 2020
Training Programme For Capital Market Operators and Compliance Officers Feb. 7, 2020
Public Notice – Penalties and Ban Expiration – Adekunle Alli Jan. 29, 2020
Guidelines On Net Capital: SEC Rule 57 And 58 Jan. 29, 2020
Amendment To Rule 27 – (Fidelity Bond) Dec. 30, 2019
Operations Of Nominee Accounts By Capital Market Operators Oct. 28, 2019
BGL Group APC Decision Oct. 5, 2019
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IOSCO to launch 2019 World Investor Week to promote investor education Sept. 13, 2019
Reduction Of Exemption Fees For Some Capital Market Experts Sept. 13, 2019
Unclaimed Dividends Of Defunct Afribank Plc Sept. 11, 2019
Report of the FinTech Roadmap Committee of the Nigerian Capital Market Aug. 28, 2019
Notification For Second CMC Meeting In 2019 Aug. 15, 2019
SEC Continues Verification of Dantata Investors July 29, 2019
CMOS Without Managing Directors And Compliance Officers June 27, 2019
RE: Cross-Reference Checklist Review June 10, 2019
Press Release On Suspension Of The Annual General Meeting Of Oando Plc June 10, 2019
Investigation Of Oando Plc June 9, 2019
Press Release on Investigation of Oando Plc May 31, 2019
Circular On Unclaimed Dividends Of Defunct Skye Bank Plc May 31, 2019
Rescheduled – Special Training For Interested Sponsored Individuals And Other Capital Market Practitioners May 31, 2019
Unethical Practice Of Commission Sharing By Brokers, Issuing Houses/Bookrunners And Other Receiving Agents May 27, 2019
SEC, NSE Streamline Listing Process to Encourage More Listings May 23, 2019
Special Training For Interested Sponsored Individuals And Other Capital Market Practitioners May 13, 2019
Public Notice On Dantata Success And Profitable Company May 8, 2019
Notice Of Registration Interview Of Capital Market Operators April 16th 17th & 18th, 2019 April 15, 2019
Transfer Of Registration Of Previously Registered Sponsored Individuals Who Left Their Sponsoring Companies Before May 12, 2014 And Have Not Successfully Transferred Their Registration March 28, 2019
Re: Extension Of Deadline On Issuance Of Dividend Warrants And Free E-Dividend Registration Exercise March 28, 2019
Public Notice On Visionscape March 8, 2019
Illegal fund manager – Dantata Success and Profitable Company Feb. 25, 2019
Notice To All Issuers And Issuing Houses Feb. 20, 2019
Notification for First Capital Market Committee Meeting In 2019 Feb. 8, 2019
Notice on the Passage of the Federal Competition and Consumer Protection Act Feb. 8, 2019
Nigeria Capital Market Institute Training Calendar 2019 Jan. 21, 2019
Fidelity Bond for the year 2019 Jan. 18, 2019
Refresher Course For Capital Market Operators Jan. 14, 2019
Introduction of the Interpretive Guidance Note (IGN) Nov. 14, 2018
Frequently Asked Questions On Regularization Of Multiple Subscriptions Nov. 6, 2018
Collection of CMO Certificates of Registration Oct. 24, 2018
Notification For Third CMC Meeting In 2018 Oct. 19, 2018
New Rule And Sundry Amendments To The Rules And Regulations Of The Commission Oct. 19, 2018
Public Notice: Online Retail Foreign Exchange (Forex) Trading Oct. 19, 2018
Invitation to Tender Oct. 16, 2018
Mandatory Registration Of All Capital Market Operators With Their Respective Trade Groups/Associations Oct. 10, 2018
Quantum Securities Limited – Notice of All Creditors Meeting 18 September 2018 Sept. 14, 2018
Training Programme For Capital Market Operators Sept. 4, 2018
Notice of Capital Market Stakeholders’ Forum July 18, 2018
Re: publication on proposed initial public offering (IPO) of MTN Nigeria limited July 8, 2018
Lifting of Technical Suspension on OANDO Shares April 12, 2018
IOSCO Puts the Spotlights On Virtual Currencies Feb. 26, 2018
Forensic Exercise On Oando Plc Dec. 5, 2017
SEC Circular to all Capital Market Operators on Rendition of Various Returns for AML/CFT and NFIU July 27, 2017
SEC Circular to all Capital Market Operators and Public Limited Companies to comply with Executive Order No.004 of 2017 on VAIDS July 25, 2017
Circular to All Capital Market Operators without the Required Number of Sponsored Individuals July 15, 2017
Extension of Deadline on Issuance of Dividend Warrants and Free e-Dividend Registration Exercise June 29, 2017
Circular to All Capital Market Experts or Professionals Who did not Respond to the Commission’s Request for Data Update May 12, 2017
Database of Un-Mandated Accounts in the Nigeria Capital Market (e-Dividend Registration) April 13, 2017
Circular to the General Public on the “Seal up” of the Business Premises of YUAN DONG (YDEC), an illegal Capital Market Operator Feb. 25, 2017
Complaints Against Tine God Networks Limited (Illegal Operator) Feb. 20, 2017
Conviction of an Illegal Operator “Marian Moses Ventures Ltd” by the Federal High Court Kaduna Division Feb. 16, 2017
Investors Alert: The Securities and Exchange Commission (“SEC”) lifts the suspension of Heritage Capital Markets Ltd Feb. 16, 2017
SEC Reorganizes for Efficiency Jan. 16, 2017
Approved Guidelines on Securities Settlements in Nigeria Jan. 5, 2017
Notice Of Meeting With the Directors and Sponsored Individuals of TransGlobe Investment and Finance Company Limited Dec. 30, 2016
Investors Alert! Suspension of Heritage Capital Markets Ltd Dec. 24, 2016
Update of Registration Information with the Commission Dec. 9, 2016
Public Alert on the Activities of “MMM Federal Republic of Nigeria” (Nigeria.mmm.net) Aug. 30, 2016
Re: Mrs. Oge C. Ottiwu – Illegal Activities in the Capital Market Aug. 30, 2016
Circular to All Capital Market Operators on Mandatory Registration with Relevant Trade Groups/Associations Aug. 17, 2016
Public Notice On Dividend Warrants Acceptance Into Savings Accounts Aug. 4, 2016
Current Position on CMO Recapitalization Exercise May 9, 2016
Circular_Commencement of Direct Cash Settlement (DCS) Dec. 31, 2015
Revocation of Registration of Capital Market Operators Dec. 21, 2015
Public Notice_In the Matter of Claims against Mega Asset Managers Limited Dec. 21, 2015
Publication of the BGL 50 Index in Thisday Newspapers Dec. 15, 2015
Cancellation of Certificates of Registration_Prenotice201115 Dec. 15, 2015
Public Notice – Fidelity Bond_121115 Dec. 15, 2015
3rd Quarter CMC Meeting_111115 Dec. 15, 2015
NOTICE OF REGISTRATION COMMITTEE MEETING – NOVEMBER 9 & 10, 2015 Dec. 15, 2015
Public Notice: Postponement of the Launch of the Corporate Governance Scorecard_231015 Public Notice: Postponement of the Launch of the Corporate Governance Scorecard_231015 Dec. 15, 2015
Circular: Registrars – Implementation of E-Dividend Mandate Management System (E-Dmms) Portal Oct. 19, 2015
PUBLIC NOTICE ON THE IMPLEMENTATION OF e-DIVIDEND MANDATE MANAGEMENT SYSTEM (e-DMMS) PORTAL Oct. 19, 2015
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