SEC says stronger regulation underpins NGX’s N100trn market cap milestone

Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC)

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.

While commenting on the positive development, Emomotimi Agama, Director General, SEC, 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.

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Reacting to the milestone, Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, 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 mobilising long-term capital to support economic growth.

They 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.

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.