Nigeria’s Securities and Exchange Commission (SEC) has set a ₦2.5 billion capital floor for registrars by June 30, 2027, raising the financial bar for firms that safeguard records of share ownership.
The regulator issued the circular Jan. 16, and the new requirement has applied since then. Its 2015 comparison column listed a ₦150 million minimum. The SEC said the higher capital base is intended to help operators withstand financial pressure, improve resilience and protect investors. Existing affected operators that fail to meet the requirement by June 30, 2027, may face sanctions, including suspension or withdrawal of registration, the SEC said.
An operator may apply for a transition arrangement if it can justify the request. The SEC says it will assess applications individually and plans separate guidance on how firms should demonstrate compliance and capital.
Registrars maintain issuers’ share registers and document securities transfers. Nigeria’s Investments and Securities Act, 2025, also assigns them a role in tracking securities issuance.
The Institute of Capital Market Registrars (ICMR) listed its 15th annual conference and induction for Nov. 14, 2026, as a hybrid event. BusinessDay and Leadership reported that the gathering was held in Lagos. BusinessDay reported that ICMR President and Council Chair Catherine Nwosu urged registrars to strengthen their technology. Leadership said Nwosu called for electronic dividend and mandate processing, seamless onboarding and real-time verification.
BusinessDay also reported that SEC Director-General Emomotimi Agama described registrars as “systemically important institutions” and said AI-assisted matching could connect ownership records with Bank Verification Number (BVN) and National Identification Number (NIN) data. The description was Agama’s; the SEC circular does not designate all registrars as systemically important. Existing affected operators have until June 30, 2027, to meet the new minimum.
