Overview
IntroductionOn January 16, 2026, the Securities and Exchange Commission (SEC) issued a circular, titled Revised Minimum Capital (MC) for Regulated Capital Market Entities (the Circular), which revised the MC requirement for capital market operators (CMOs) and other regulated entities. This upward review of regulatory capital thresholds does not exist in a regulatory vacuum. It is linked to the Federal Government's aim to grow Nigeria's GDP to USD 1 trillion by 2030, with increases ranging from 200% to over 3000%, and a deadline of June 30, 2027, for implementation. This capital recalibration marks one of the most aggressive of its kind in Nigeria's nancial markethistory.
The SEC has also stated that this move is aimed at enhancing market resilience and investor protection by ensuring that CMOs have sufficient financial capacity to support the sustainable growth of Nigeria's financial ecosystem. The SEC has also moved from a at registration fee to a tier-based approach, in line with its objective of aligning minimum capital requirements (MCR) with the scope, complexity, and risk exposure of regulated activities. Now, MCR values are based on actual activities being performed and, in some cases, like Portfolio Managers, on Net Asset Value (NAV) or Assets under Management/Custody.
