SEC Gives CMOs January 2026 Deadline to Comply With New ISA 2025 Rules
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has directed all Capital Market Operators (CMOs) to fully state their compliance status and ensure that every tradable instrument they offer is duly registered under the Investments and Securities Act (ISA) 2025 by January 2026.
SEC Director-General, Dr. Emomotimi Agama, issued the directive on Wednesday in Lagos at the Journalists’ Academy 2025, themed “The ISA 2025 and The Future of Nigeria’s Capital Market: Innovation, Protection, and Growth.” Agama, represented by the Commissioner of Operations, Mr. Bola Ajomale, said the Act marks a major step in repositioning Nigeria’s capital market for modern realities.
According to him, the registration requirement applies to all market participants without exception. He stated that “anyone selling a tradable instrument must identify with the commission and ensure its registration within the period.”
Agama described the ISA 2025 as a transformative legal framework that will shape the future of the Nigerian capital market. “If we get this right, ISA 2025 will serve as a powerful foundation for the capital market Nigeria needs and deserves: deep, efficient, innovative, and globally competitive,” he said.
He explained that the new Act is not just a replacement for the ISA 2007 but a forward-looking law built to support the rapid evolution of the global financial landscape. “The ISA 2025 is more than a replacement for the 2007 Act. It is a forward-looking instrument designed to reposition Nigeria’s capital market for a rapidly changing world,” he said.
According to the SEC boss, the legislation strengthens the commission’s mandate to protect investors, empower market operators, and align Nigeria with international best practices while addressing issues unique to the local environment. He noted that “one of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission.”
Agama explained that, for the first time, the Act explicitly states the SEC’s regulatory objectives, functions, and powers. These include acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risk, and supporting capital formation. “This clarity strengthens regulatory authority and enhances institutional accountability,” he said.
He added that the Act removes ambiguities that previously complicated enforcement and improves alignment between SEC operations and national economic priorities. The legislation also expands the commission’s investigative reach. Agama noted that the SEC can now investigate not only regulated entities but also unrelated third parties when necessary. “This closes a major loophole that hindered previous investigations into market abuse and complex financial schemes,” he said.
He stated that the expansion means the regulator is no longer constrained by outdated definitions or narrow supervisory boundaries. “Such provisions signal that the SEC is no longer limited by outdated definitions or narrow supervisory boundaries. The regulator now has modern tools to protect the integrity of the market,” he said.
Agama said the ISA 2025 represents the collective decision to modernise Nigeria’s capital market structure. The reform, he explained, became necessary due to several emerging trends, including digital trading, fintech innovations, virtual assets, and the inadequacies of the previous Act in addressing Ponzi schemes, systemic risks, and new financing models.
He added that the need for stronger alignment with IOSCO standards and the importance of expanding the capital market as a driver of national development also informed the review.
The SEC, he stressed, is committed to ensuring that the Nigerian capital market becomes more resilient, transparent, and globally competitive as the implementation of ISA 2025 moves forward.
