Nigeria is prepared with the know-how for same-day settlement of all transactions on the Nigerian Alternate (NGX) Group, the Securities and Alternate Fee (SEC), and market stakeholders have confirmed.
SEC Director Normal, Dr. Emomotimi Agama, introduced the development through the second Capital Market Committee (CMC) assembly for 2025 held in Lagos at this time, December 8, emphasising that the market now possesses the technological basis for same-day settlement—however should proceed with warning to guard buyers and systemic stability.
He defined that shorter settlement cycles will improve liquidity, scale back counterparty danger, and speed up capital reinvestment.
The reform now applies throughout the Nigerian Alternate, NASD OTC Securities Alternate, and Lagos Commodities and Futures Alternate.
Market operators confirmed that the Central Securities Clearing System (CSCS) already has the technical capability for T+0.
Highcap Securities CEO, Mr. David Adonri, disclosed that the CSCS initially proposed a dramatic leap from T+3 to T+0, however regulators insisted on a phased method to make sure the security of all investor classes, significantly pension funds and older asset holders with giant, risk-sensitive portfolios.
Why SEC opted for a gradual migration
SEC’s place is anchored on what it calls “orderly development and improvement”—a philosophy guiding each main infrastructural shift available in the market. As an alternative of an abrupt motion from T+3 to T+0, the Fee charted a multi-stage transition:
- First, from T+3 to T+2 in November 2025.
- Subsequent, at this time’s shift to T+1 settlement.
- Lastly, arrival at T+0 by 2026 after adequate operational expertise is gained.
In accordance with Adonri, the regulator insisted that “the market just isn’t just for younger folks” and have to be structured to safeguard the pursuits of institutional buyers, retirees’ funds, and long-term asset holders. “Every little thing in regards to the capital market must be orderly,” he stated, noting that whereas the know-how is prepared, the ecosystem should first alter operationally and psychologically to shorter cycles.
SEC unveils broad market reforms to strengthen confidence
Alongside the settlement migration, the SEC launched a big selection of reforms aimed toward boosting effectivity, deepening investor confidence, and accelerating digital transformation.
Director-Normal Dr. Emomotimi Agama introduced that the sooner transfer from T+3 to T+2 on November 28 was already yielding improved liquidity and lowered counterparty danger, aligning Nigeria extra carefully with world apply. The brand new settlement construction now applies throughout the NGX, NASD OTC, and Lagos Commodities and Futures Alternate.
Agama highlighted improved macroeconomic indicators since Could, together with an improve to Nigeria’s sovereign credit standing, exit from the FATF gray listing, and a fall in inflation to 16.05 % in October, the bottom since March 2025.
Capital elevating remained vibrant, with standout approvals such because the N500 billion Local weather Funding SPV and N200 billion Elektron Finance bond, alongside N753 billion in business paper issuances throughout manufacturing, power and agriculture.
However the market additionally confronted turbulence in November, posting its steepest month-to-month decline on document as capitalization plunged by N6.54 trillion. Revenue-taking linked to the proposed 30 % Capital Positive factors Tax, weaker banking shares, and world uncertainties contributed to the droop. Nonetheless, Agama assured that the market has begun a modest rebound following authorities clarification on tax insurance policies.
Pushing digital adoption, stronger oversight and commodity market development
The SEC is increasing monetary literacy programmes by integrating capital market research into the nationwide secondary college curriculum. It’s also collaborating with Nnamdi Azikiwe College on SME-focused market training and deepening regional partnerships in non-interest finance—highlighting Nigeria’s N1.4 trillion sovereign Sukuk issuance as a regional benchmark.
Additional reforms embody new guidelines beneath the ISA 2025 for commodity exchanges, warehouse operators, and collateral managers, alongside efforts with the Requirements Organisation of Nigeria to replace commodity requirements. The Fee can also be strengthening surveillance within the derivatives market and modernising its regulatory processes via the Digital Transformation Portal, which now automates operator registration, doc submission, and business paper issuance.
A Expertise Adoption Survey revealed rising curiosity in AI, blockchain and reg-tech regardless of value and talent boundaries. Agama careworn that technological innovation have to be balanced with moral safeguards and operational resilience. He additionally launched a forthcoming Harmonized Company Governance Reporting Template to simplify disclosure obligations for public corporations.
With registration renewals for capital market operators slated for January 2026 and full digital processing to start in Q1 2026, Agama reaffirmed the SEC’s dedication to constructing an innovation-driven market infrastructure. Nigeria’s transfer towards T+0, he stated, symbolises a sector decided to evolve responsibly whereas defending investor belief—the inspiration of tolerating market development.
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