SEC: Stronger Regulation Underpins NGX’s N100trn Market Cap Milestone

Kayode Tokede

Nigeria’s equities market crossed the N100 trillion market capitalisation threshold this week, extending early-year gains amid broad participation across key sectors of the economy.

Market analysts attribute the milestone to regulatory reforms implemented by the Securities and Exchange Commission (SEC), particularly following the enactment of the Investments and Securities Act (ISA) 2025, which strengthened the commission’s supervisory, enforcement and investor-protection framework.

Commenting on the development, SEC Director-General, Dr. Emomotimi Agama, said the N100 trillion mark reflects the outcome of a deliberate regulatory strategy focused on building a fair, transparent and resilient capital market.

“This milestone is not just about numbers; it reflects the impact of sustained reforms anchored on enhanced investor protection, market integrity, and long-term confidence,” Agama said. “The ISA 2025 has strengthened the commission’s ability to supervise the market effectively, enforce rules consistently, and ensure that capital is deployed in an environment of trust and transparency.”

Agama added that greater regulatory clarity and predictability have been central to restoring investor confidence, noting that consistent rule-making and enforcement encourage long-term capital commitments.

Reacting to the milestone, the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Mr Temii Popoola, said the market’s performance highlights the importance of strong collaboration between regulators and market operators.

“The early-year performance of the market demonstrates how a credible and predictable regulatory environment can support liquidity, enhance market discipline, and strengthen investor confidence,” Popoola said.

The SEC said it will continue to build on the ISA 2025 framework by advancing digital market surveillance, intensifying investor education initiatives and supporting innovation in products such as green bonds and real estate investment trusts, in line with Nigeria’s development priorities.

Analysts say the N100 trillion milestone underscores how purposeful regulation, combined with effective market operations, can deepen investor trust and reinforce the capital market’s role as a key channel for mobilizing long-term capital to support economic growth.