SEC greenlights BGL firms’ return to capital market with new licenses

In a major regulatory turnaround, BGL Group’s subsidiary firms are set to resume active participation in the Nigerian capital market.

This comes after the Securities and Exchange Commission (SEC) granted fresh operating licenses to the entities, effectively lifting the regulatory restrictions that had sidelined the prominent investment banking group from market operations.

The SEC approvals cover BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited. The firm are now allowed to operate respectively as Broker/Dealer, Issuing House, and Fund/Portfolio Manager.

Following the approvals by SEC, BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited are now duly authorised to undertake their respective functions within the Nigerian capital market under the supervision of the Securities and Exchange Commission.

SEC in a letter signed by Hafsat O. Rufai, director, registration, Exchanges and Market Infrastructure Department, approved the registration of BGL Securities Limited as a Broker/Dealer, with effect from April 17, 2025. SEC said the approval followed the company’s successful performance at an interview conducted on November 1, 2024.

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The registration was granted pursuant to the powers conferred on the Commission under the Investments and Securities Act (ISA) 2025 and the Rules and Regulations governing the Nigerian capital market, said SEC noted.

The approval authorises the company to perform Broker/Dealer functions in the market, subject to compliance with applicable regulations, periodic reporting obligations and other conditions prescribed by the Commission.

Likewise, the SEC also approved the registration of BGL Capital Limited as an Issuing House. SEC said the company successfully met the regulatory requirements for registration and was granted approval to carry out Issuing House functions in the capital market with effect from November 22, 2024. Also, SEC said the registration followed the successful performance of the company’s sponsored individuals during the regulatory interview process conducted in November 2024.

BGL Capital Limited is authorised to provide issuing house services within the Nigerian capital market, subject to compliance with the Investments and Securities Act, SEC Rules and Regulations, and other applicable laws. Similarly, BGL Asset Management Limited received approval from the Commission to operate as a Fund/Portfolio Manager. The company was granted registration with effect from November 22, 2024, following the successful completion of the Commission’s registration process.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.