The Securities and Exchange Commission (SEC) and the Association of Issuing Houses of Nigeria (AIHN) have called for broader access to capital market investment, stronger investor protection and more financing options for businesses.
Speaking during AIHN’s 30th anniversary symposium in Lagos, with the theme, ‘30 Years of Promoting Trust, Integrity and Excellence in the Nigerian Capital Market’, SEC Director-General, Emomotimi Agama, said the market’s success should be judged not only by its indices, but by how many Nigerians could invest, build wealth and benefit from its operations.
He said, “Protection without access is a locked gate. We must deliver both.”
Agama said Nigeria’s market had grown from a largely paper-based system into a broader ecosystem of exchanges, clearing and settlement infrastructure, fund managers, pension funds, insurers and retail investors.
He cited stronger investor protection rules, the demutualisation of the Nigerian Exchange and the development of bond and fund markets among the reforms that supported its growth.
He also pointed to the Investments and Securities Act 2025 as a new statutory foundation for the market, adding that technology, sustainable finance and cross-border integration would shape its next phase of growth.
According to him, tokenisation, digital assets, open data and artificial intelligence (AI) were changing how securities were issued, traded, settled and supervised, adding that the SEC was using its regulatory sandbox and supervisory technology to guide innovation.
Agama said wider participation would require simpler onboarding, digital Know Your Customer processes, affordable investment products and financial literacy programmes for students, women and young people.
He also called for stronger enforcement against fraud, Ponzi schemes and unregistered operators.
The SEC chief urged market participants to develop financing pathways for small and medium-sized enterprises (SMEs), including patient capital, crowdfunding and listing options suited to their size. He said capital markets could also help finance infrastructure such as roads, power, housing and ports.
Agama called on issuers to disclose information honestly, intermediaries to put clients first and investors to ask questions before committing funds.
Trust, he said, remained central to stronger market operations.
AIHN President, Kemi Awodein, said issuing houses had helped mobilise long-term capital through public offerings, rights issues, debt issuances, mergers and acquisitions, as well as other transactions.
“Through capital market transactions, members of this association have helped businesses grow, developed wealth-creation opportunities, and facilitated financing for critical sectors of the economy,” she said.
Awodein called for greater access to capital for SMEs, infrastructure projects and emerging sectors. She said the market should embrace digital transformation, financial technology, sustainable finance and AI while upholding transparency, good governance and professionalism.
She further urged the association to continue promoting reforms, professional development, financial inclusion and investor education. She said instruments such as Eurobonds, green bonds and Sukuk had become part of the market’s development over the past three decades.
At the panel session with other leading industry figures, Group Managing Director, Afrinvest West Africa Limited, Ike Chioke, said the quality and progress of the capital market would always be determined by the state of regulatory reforms.
He said changes to Nigeria’s securities laws had supported market growth, but advocated collaboration between stakeholders to ensure that rules kept pace with industry innovation.
Chioke added that the market had moved significantly from the era of paper-based transactions to more efficient capital-raising and issuance processes, adding that operators had also become more sophisticated.
According to him, the capital market has a critical role in financing economic development, but SMEs need support to grow into stronger corporate entities capable of accessing long-term finance.
The Afrinvest boss reaffirmed the role of SMEs in the development of the domestic economy.
On his part, Deputy Managing Director, Udo Udoma & Belo-Osagie, Ozofu ‘Latunde Ogiemudia, explained that the Investments and Securities Act 2025 signified an important step in the industry’s development.
According to her, the 18-year gap between the 2007 Investments and Securities Act and the 2025 legislation captured the slow pace of legislative reforms in the country.
She insisted that changing market realities, including the use of technology and AI, required capital market regulators to step up their operations.
Also speaking, Managing Director/Chief Executive Officer, FundQuest Financial Services, Abiodun Akinjayeju, called for stronger capital requirements for market operators and described the demutualisation of the Nigerian Exchange as an important development.
According to him, stronger balance sheets offered greater capacity to absorb shocks, invest in technology and handle larger transaction volumes.
He explained that the demutualisation of the exchange created a clearer separation between ownership, commercial operations and regulation, thereby strengthening corporate governance.