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Nigeria’s Securities and Exchange Commission (SEC) has announced a critical window for Capital Market Operators (CMOs) to renew their registration, setting January 1 to January 31, 2026, as the mandatory period. This directive underscores a significant shift by the regulator towards a fully digital, technology-driven operational framework, aiming to streamline processes and enhance the overall efficiency and transparency of the nation’s capital markets. The move signals a concerted effort to modernise regulatory oversight and reduce traditional administrative hurdles.
This impending registration renewal coincides with the SEC’s broader initiative to digitise its regulatory processes, with electronic receipt and processing of applications set to commence in the first quarter of 2026. The Commission explicitly states that this transformation seeks to eliminate the delays historically associated with manual submissions, fostering a more agile and responsive regulatory environment for all market participants. This digital pivot represents a core component of the SEC’s strategic vision for the coming years.
Dr. Emomotimi Agama, Director General of the SEC, articulated these reforms during a recent interview in Abuja, highlighting the Commission’s unwavering commitment to establishing a more transparent and technologically advanced regulatory ecosystem. Dr. Agama emphasised that these are “deliberate steps” designed to accelerate regulatory procedures, embed greater clarity, and leverage technology to its fullest potential in supervising the capital market. His remarks underscore a proactive approach to market governance.
A cornerstone of this digital transformation is the introduction of the Digital Transformation Portal, a comprehensive platform enabling capital market operators to manage their annual registration renewals and other licensing workflows seamlessly. Through this portal, operators can now submit applications, upload necessary documentation, and diligently track the approval status of their submissions online. This automation significantly curtails processing times and minimises the necessity for physical interactions with the Commission, marking a substantial leap in operational efficiency.
Further enhancing its digital capabilities, the SEC has also deployed an automated module specifically for Commercial Paper issuance. This innovation empowers operators to file relevant documents, monitor their application progress, and secure electronic approvals, thereby accelerating market activities. Early feedback on this module indicates a marked improvement in turnaround times and a substantial reduction in administrative bottlenecks, facilitating smoother capital-raising processes for corporations.
The Commission also plans to automate the submission of quarterly and annual returns, incorporating structured templates and system-driven accuracy checks, complemented by a returns analytics dashboard for improved risk-based supervision and prompt exception reporting. These enhancements aim to provide the SEC with more robust data for risk assessment and market oversight, further solidifying its data-driven regulatory approach.
To underpin these ambitious digital reforms, the SEC is actively engaged in a comprehensive upgrade of its foundational IT infrastructure. This includes significant enhancements to servers, storage systems, network architecture, and security frameworks, ensuring robust and reliable digital operations. A selective migration to cloud platforms is also underway for systems demanding high scalability and external accessibility, while core, sensitive systems will remain on-premise pending thorough security and cost evaluations, demonstrating a balanced approach to technological adoption.
Dr. Agama further elaborated on ongoing initiatives aimed at bolstering data integrity and cybersecurity across the Commission’s digital assets. These efforts encompass regular vulnerability assessments and the planned execution of penetration testing once the initial automation phases achieve stability. The Director General stressed that the responsible adoption of technology is paramount to maintaining investor trust, which he unequivocally described as “the cornerstone of our markets.”
Acknowledging the rapid evolution of financial technology, the SEC DG underscored the imperative for clear regulatory guidance concerning emerging technologies, including artificial intelligence (AI). He also emphasised the need for targeted capacity-building initiatives, particularly for smaller operators, to ensure they can effectively navigate the new digital landscape. Dr. Agama firmly stated that while innovation is vital for market growth, the ethical and compliant deployment of these advanced tools is non-negotiable.
Dr. Agama reiterated his expectation that as operators increasingly integrate automation, AI, and data-driven tools into their operations, they must ensure these deployments adhere strictly to ethical, secure, and compliant standards. He urged all Capital Market Operators to consistently uphold the principles of fairness, transparency, and accountability, alongside strict regulatory compliance. This commitment is essential for safeguarding investor interests and for reinforcing the long-term credibility and stability of the Nigerian capital market, fostering a robust and trustworthy financial ecosystem.
