The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu | The Director General of SEC Nigeria recently spoke on Arise Television, shedding light on key updates in the Investment and Securities Act (ISA) 2025 | Enroll Now: Training Opportunities at The Nigerian Capital Market Institute (NCMI)! | In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Secu |

Withdrawal of CMO and Function Checklist

A comprehensive checklist to guide CMOs through the withdrawal of their registration or functions—covering application steps, client and regulatory obligations, successor arrangements and post-no-objection requirements—with clarity and confidence.

This page outlines every requirement and procedural step for a Capital Market Operator (CMO) seeking to withdraw its registration or specific functions—ensuring client liabilities, regulatory fees and transfer arrangements are all properly handled.

Circumstances Warranting a CMO Withdrawal

A Capital Market Operator might seek to withdraw its registration or specific functions for several reasons. Common scenarios include a strategic decision to exit certain lines of business (for example, a broker/dealer choosing to discontinue underwriting), a merger or acquisition that transfers functions to another operator, prolonged inactivity in a particular market segment, or an inability to meet ongoing capital or compliance requirements. Withdrawal can also follow a voluntary wind-down when the CMO’s board decides that the costs of remaining registered—such as regulatory fees, audits and staffing sponsored individuals—no longer justify the benefits of operation. In all cases, withdrawal ensures that outstanding client liabilities are settled, regulatory obligations are discharged, and successor arrangements are in place before the SEC formally removes the CMO or function from its register.

The Checklist

  1. Application for Withdrawal
    1. Completed Form SEC 8
    2. Board resolution, duly signed and naming the authorized signatories
    3. Comprehensive list of clients with any outstanding liabilities
    4. Evidence that all client obligations have been satisfactorily discharged
    5. Proof of settlement of all outstanding obligations to the SEC (fees, penalties, etc.)
    6. Details of the operator assuming the withdrawing CMO’s activities
    7. Where applicable, a sworn indemnity statement by the successor operator and a copy of the agreement between both parties
  2. Post–No Objection Requirements
    Once the SEC issues its no-objection to withdrawal, the operator must:
    1. Submit the original Certificate of Registration
    2. Publish a public notice of withdrawal in two national dailies

Conclusion

All application forms and supporting documents must be fully completed and sworn to by the company secretary before a Commissioner for Oath or Notary Public to ensure a smooth and compliant withdrawal process.

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