Barbara Bako, Abuja.
The Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration process for capital market operators, allowing designated regulatory services to be completed entirely online as part of efforts to modernise Nigeria’s capital market and improve regulatory efficiency.
The Commission, in a statement issued on Wednesday, said the new electronic registration (e-Registration) platform, deployed through its ePortal, represents another milestone in its digital transformation agenda and its commitment to building a technology-driven regulatory environment.
According to the SEC, the platform enables Capital Market Operators (CMOs) to complete designated registration processes electronically, covering application submission, regulatory review, approvals and communication of decisions, thereby eliminating manual processing for services included in the current phase.
The Commission said the initiative is designed to simplify regulatory interactions, reduce administrative bottlenecks, shorten processing timelines and provide applicants with greater visibility into the status of their applications.
It noted that migrating to a fully digital registration system would improve operational efficiency while strengthening regulatory oversight through standardised workflows, electronic documentation, secure digital record management and enhanced audit trails.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission said.
The SEC stated that the e-Registration platform aligns with its strategic objective of leveraging technology to improve market efficiency, enhance the ease of doing business and deliver better services to stakeholders.
Beyond improving efficiency, the Commission said the platform would enhance the integrity of regulatory processes by reducing delays associated with paper-based documentation and improving the quality of regulatory data for decision-making. It added that the digital platform would also provide a stronger foundation for regulatory analytics and future innovations aimed at strengthening oversight of Nigeria’s capital market.
The implementation is being carried out in phases to ensure a smooth transition for market participants while maintaining the stability and integrity of regulatory processes.
The Commission clarified that the current phase is limited to post-registration services for existing Capital Market Operators, noting that applications for the registration of new entrants into the Nigerian capital market are not yet covered. It said electronic processing for new registration applications would commence at a later date.
The SEC urged all Capital Market Operators to familiarise themselves with the new platform and comply with the implementation timelines to ensure a seamless transition.
It added that the initiative forms part of its broader modernisation agenda aimed at improving regulatory efficiency, strengthening market infrastructure, enhancing transparency and supporting the continued growth, resilience and global competitiveness of Nigeria’s capital market.
The Commission reaffirmed its commitment to implementing reforms that promote innovation, improve regulatory service delivery and reinforce investor confidence in the Nigerian capital market.
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