In November 2025, the Nigerian Inventory Trade (NGX) and the Securities and Trade Fee (SEC) earned a complete fee charge exceeding N1.45 billion every.
This sturdy efficiency was pushed by excessive buying and selling volumes throughout equities, Trade Traded Merchandise (ETPs), and bonds.
Buyers had been energetic in varied sectors, contributing to a sturdy month for each the SEC and NGX.
Nevertheless, the month was not pretty much as good for traders, significantly equities traders who noticed their funding depreciate by over N6.5 trillion, the worst market decline in a single month in NGX historical past.
Key regulatory costs on market transactions
Buyers pay two key regulatory costs on inventory market transactions: the SEC charge and the NGX charge. The SEC charge, utilized on purchase orders, is charged at 0.3% of the transaction worth, and it attracts an further 7.5% VAT, bringing the efficient cost to 0.3225%.
On the promote facet, the NGX charge additionally applies at 0.3% of the transaction worth, with the identical 7.5% VAT, leading to one other 0.3225% cost. Collectively, these charges characterize the statutory commissions paid to the capital market regulators for processing and supervising fairness transactions on the Trade.
Fee charges from key transactions
Each the SEC and NGX earned vital charges from the month’s transactions on equities, ETP, and Bonds. The charges utilized solely to the transaction turnover for the month underneath assessment, with relevant VAT (which is payable to the Federal Authorities) excluded from our evaluation. Additionally excluded are itemizing charges earned through the month, together with the itemizing of the Ministry of Finance’s (MOFI) N1 trillion Fund.
- Fairness Transactions: Each SEC and NGX, every earned N1.46 billion including as much as N2.92 billion in whole fee charges from fairness trades alone which contributed the majority of the whole charges for the month.
- ETP and Bonds: The charges from ETPs and bonds mixed added an additional N1.444 million to the income from commissions, marking a robust month of revenue for the regulators however losses to the traders.
- Whole fee charges: N1.66 billion
SEC and NGX charges breakdown
The fee charges had been damaged down as follows:
SEC Charges:
- From fairness transactions: N1.46 billion
- From ETP transactions: N538,968
- From bond transactions: N905,172
NGX Charges:
- From fairness transactions: N1.46 billion
- From ETP transactions: N538.968
- From bond transactions: N905.172
Cumulative transaction values soar in November
The fairness turnover in November alone reached N485.589 billion, pushed by elevated buying and selling in prime shares like Guaranty Trust Holding Company Plc and Entry Holdings Plc, with distinctive commerce volumes on Cornerstone Insurance coverage Plc.
In the identical month, nevertheless, ETP turnover totalled N182.691 million, and bond turnover was N301.724 million. These substantial figures point out a wholesome buying and selling surroundings, reflecting confidence within the Nigerian capital market regardless of the November rout.
The Nigerian equities market skilled its worst month-to-month efficiency in recorded historical past, shedding a staggering N6.54 trillion in market capitalization in November 2025, the steepest loss ever recorded since January 2013, when the NGX first crossed the N10 trillion mark, in line with a Nairalytics evaluation of market capitalization traits.
The sharp selloff was largely pushed by intensified profit-taking triggered by mounting investor apprehension over the upcoming implementation of a 30% Capital Beneficial properties Tax (CGT) anticipated to begin on January 1, 2026.
The Street Forward for SEC and NGX
With whole fee charges for each the SEC and NGX exceeding N3.32 billion in November, the outlook for the the rest of the yr appears promising, not just for regulators but additionally for astute traders.
The sustained progress in turnover, alongside a gentle demand for equities and bonds, signifies that the Nigerian capital market stays enticing to traders, providing a strong basis for continued exercise within the months forward.
