The Securities and Exchange Commission (SEC) has announced an increase in the minimum capital requirements for all categories of capital market operators (CMOs).
According to a circular issued by the Commission on January 16, 2026, the move replaces the long-standing 2015 capital regime and sets a compliance deadline of June 30, 2027.
Under the revised framework, the capital base for tier 2 “issuing houses with underwriting” has been raised to N7 billion from N200 million, while trustees are now required to maintain N2 billion, up from N300 million.
The new policy is designed to strengthen market resilience, eliminate undercapitalised operators, and reward firms demonstrating strong governance and scale.