Who
We Are

The Securities and Exchange Commission (SEC) is the apex regulatory body for the Nigerian capital market. It was established in 1979 and operates under the purview of the Investments and Securities Act (ISA) of 2007.

The SEC's primary mission is to protect investors, maintain fair and efficient markets, and ensure the integrity of the Nigerian capital market. It achieves this by regulating various market participants, including securities exchanges, investment firms, and public companies issuing securities. The SEC also sets rules and standards for the market and monitors compliance.

Our Mission

To Develop and Regulate a Capital Market that is Dynamic, Fair, Transparent and Efficient, to Contribute to the Nation’s Economic Development.

Our Vision

To be Africa’s Leading Capital Market Regulator.

Our Core Values

Our values form the bedrock of our organization, guiding every decision and action we take. We hold ourselves to the highest standards of:

• Governance: Upholding the principles of good governance.
• Fairness: Ensuring equitable opportunities and outcomes for all market participants.
• Integrity: Operating with the utmost honesty and transparency.
• Excellence: Striving for continuous improvement and excellence in all we do.
• Loyalty: Demonstrating unwavering dedication to our stakeholders and mission.
• Discipline: Enforcing rigorous standards and adherence to regulations.

Our History

The roots of the Securities and Exchange Commission extend back to 1962 when an ad hoc, consultative and advisory Capital Issues Committee was established under the Central Bank of Nigeria (CBN). The Committee’s primary aim was to efficiently manage capital raising in the Nigerian economy.

Over the years, our organization has undergone significant evolution:

• In 1973, the Capital Issues Commission was established by law in response to the growing economic activities in Nigeria.
• By 1979, the Securities and Exchange Commission (SEC) emerged, replacing the Capital Issues Commission and gaining expanded regulatory powers.

Structural Changes

The year 1979 marked a significant turning point as the SEC began operating independently from the Central Bank of Nigeria (CBN) while still receiving funding from it. The SEC's board also underwent a transformation, expanding to include 12 members, with a CBN representative serving as Chairman.

Legal Frameworks

In 1988, the SEC Decree was re-enacted as SEC Decree No. 29 of 1988, further enhancing the SEC’s functions. Subsequently, in 1999, "The Investments and Securities Act No. 45 of 1999" replaced the SEC Act of 1988, promoting a more efficient and responsive capital market ecosystem.

Recent Amendments

A key milestone came in 2007 when the Investments and Securities Act (ISA) underwent a comprehensive review, leading to amendments that strengthened the SEC's regulatory powers and authority.

Global Participation

Recognizing the importance of international collaboration, the SEC joined the International Organisation of Securities Commissions (IOSCO) in June, 1985. In 2006, it achieved the status of an Appendix ‘A’ Signatory to the IOSCO MMOU, aligning its market rules with global standards and enhancing Nigeria's position on the international stage.

At the SEC, we are not just shaping markets; we are shaping the future. Join us on this journey towards a more vibrant and prosperous financial landscape for Nigeria and beyond.