Capital Market Momentum: SEC Says All-Share Index Hits ₦39.049 Trillion in 6 Months
Nigeria’s capital market is showing renewed investor confidence and reform-driven resilience, with the All-Share Index (ASI) surging to ₦39.049 trillion within six months of enacting the Investments and Securities Act (ISA) 2025, according to the Securities and Exchange Commission (SEC).
Delivering a keynote address at the Godfrey Okoye University Public Lecture and Colloquium in Enugu, the Director-General of SEC, Dr. Emomotimi Agama, attributed the bullish performance to President Bola Tinubu’s administration’s strong commitment to economic reforms and market confidence building.
Represented by Dr. Francis Okafor, Director and Head of Litigation at SEC, Agama described the enactment of the ISA 2025 as a turning point for Nigeria’s financial markets, ushering in new investor protections, digital asset regulation, and enhanced capital mobilisation frameworks.
“Within this short period, we’ve witnessed a remarkable transformation in investor sentiment and market performance,” Agama said.
“The new Act has reshaped the capital market landscape, driven transparency, and strengthened investor trust.”
Capital Market Confidence and Digital Regulation
The ISA 2025, hailed as one of the most progressive financial legislations in Africa, introduced comprehensive provisions for digital and virtual assets, positioning Nigeria as a forward-looking player in fintech and blockchain finance.
Agama noted that this regulatory evolution was not merely administrative but visionary, as it recognised the creativity and digital innovation of Nigeria’s youth, who are increasingly driving the country’s fintech ecosystem.
“By creating a framework for digital finance, we are opening new frontiers for inclusive growth,” Agama said. “The market is evolving, and Nigeria must remain at the forefront of that transformation.”
He disclosed that the SEC had intensified its oversight of critical sectors—commodity exchanges, securities platforms, online forex operators, and financial market infrastructures—to deepen market integrity and investor protection.
Curbing Market Infractions and Ponzi Schemes
One of the most impactful changes in the ISA 2025 is its stiffer sanctions for fraudulent financial schemes, including Ponzi operations, which have plagued Nigeria’s informal investment landscape.
Under the new law, violators face fines up to ₦20 million and imprisonment terms of up to 10 years—a deterrent designed to restore market credibility and protect retail investors.
“These measures safeguard our financial ecosystem,” Agama said. “The capital market has consistently proven its capacity to mobilise long-term funds for strategic sectors—from infrastructure to banking recapitalisation.”
He cited the recent banking sector recapitalisation, which mobilised over ₦24.342 trillion, as a case study in the capital market’s pivotal role in national development.
Capital Market as the Engine of Economic Transformation
The SEC chief emphasised that the capital market remains a critical enabler of economic diversification and infrastructure growth, offering sustainable financing alternatives beyond traditional borrowing.
Themed “Harnessing the Capital Market for Catalysing Infrastructure Development and Economic Transformation in Nigeria: Prospects, Challenges and Roadmaps,” the Enugu colloquium explored how equity and debt markets could finance critical national projects—ranging from transport and energy to technology and manufacturing.
“A well-functioning capital market is essential to Nigeria’s aspiration for economic renewal,” Agama said. “It channels domestic savings into productive investments and drives innovation through the private sector.”
Governance, Innovation, and Collaboration
Governor Peter Mbah of Enugu State, represented by Prof. Chidiebere Onyia, the Secretary to the State Government, reiterated his administration’s ambition to expand Enugu’s economy from $4.4 billion to $30 billion through a private-sector-led growth model anchored on capital market engagement.
He described the SEC’s reforms and the ISA 2025 as strategic tools to attract long-term investors to state-led infrastructure projects and public-private partnerships and contributed to the surge in the All-Share Index.
Similarly, Mr. Chidi Ajaegbu, the 50th President of the Institute of Chartered Accountants of Nigeria (ICAN), urged a structural reorientation of Nigeria’s economy to align with the evolving capital market.
“It will be impossible and unsustainable to transform the national economy without transforming the capital market,” Ajaegbu said. “We must grow a culture of innovation, accountability, and enforcement.”
BRANDECONOMY Analysis: Reform Momentum and Market Depth
The post-ISA 2025 capital market surge signals a return of investor confidence underpinned by policy clarity, strong governance, and a renewed regulatory stance. Yet, analysts warn that sustaining this momentum requires consistent macroeconomic stability, foreign exchange transparency, and infrastructure funding discipline.
Nigeria’s capital market, once hampered by policy uncertainty, is increasingly becoming a credible source of long-term finance for both the public and private sectors.
If the SEC’s reform blueprint continues on its current trajectory—bolstered by digital regulation, market transparency, and investor protection—Nigeria could unlock the kind of capital formation ecosystem capable of driving a $1 trillion economy by the decade’s end.
