Securities and Exchange Commission (SEC) said it has handed a six-week deadline to capital market operators to submit board-approved recapitalisation or license downgrade plans.

The directive was disclosed in the revised minimum capital guidelines issued by the Commission on March 18, 2026.

The Commission stated that all capital market operators must submit their board-approved and comprehensive implementation plans within six weeks of the June 30, 2027, compliance deadline.

“All CMOs are required to submit their recapitalization or downgrade plans within six weeks, with clear timelines and execution strategies.”

“Each plan must detail current capital position, minimum requirements, funding strategy, risk considerations, and governance structure.”

“Operators that fail to provide credible plans risk sanctions, including licence restrictions and regulatory delays under the ISA 2025 framework.”

“Pending applicants are not exempt, and applications older than 12 months will lapse and require fresh filings.”

The Commission added that this directive applies across all categories, including brokers, dealers, fund managers, custodians, exchanges, and digital asset operators, reinforcing the urgency of compliance.

The latest development followed its recent announcement on a sharp increase in minimum capital requirements across the capital market ecosystem, signaling one of the most significant regulatory adjustments in recent years.

Broker-dealers are now required to hold N2 billion, up from N300 million, while dealers must meet N1 billion, compared to the previous N100 million threshold.

On the other hand, Registrars face a new requirement of N2.5 billion, rising from N150 million, and Underwriters and clearing firms are benchmarked at N5 billion, while composite exchanges must now have N10 billion.

The Commission emphasised that the recapitalisation is not a one-time exercise but a long-term structural reform aimed at strengthening market resilience and aligning Nigeria with global standards.

A key feature of the new guidelines is the tightening of what qualifies as regulatory capital, which could significantly impact operators’ effective capital base.

The SEC has narrowed the definition to ensure only high-quality, loss-absorbing capital is recognised.

Recognized capital includes fully paid-up ordinary shares, qualifying irredeemable preference shares, share premium, and retained earnings from audited profits.

Unrealised gains are excluded, ensuring capital reflects actual financial strength.

Disallowed items include revaluation reserves, borrowed funds, shareholder loans, client funds, deferred tax assets, and encumbered capital, while Non-cash capital injections are permitted but must meet strict valuation criteria, including quoted equities, CIS units, government bonds, and eligible OTC-traded securities.

The Commission added that exclusion of debt and quasi-debt instruments underscores the regulator’s focus on enforcing genuine capital adequacy rather than leveraged compliance.

FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) has approved the listing of DLM SPV PLC’s ₦7.30 billion Series 1 (Tranche A) and ₦1.70 billion Series 3 (Tranche B) Plain Vanilla Returns Sovereign Bond-Backed Composite Notes under its ₦30.00 billion Medium-Term Notes Programme. 

This approval by the Exchange’s Board Listings and Markets Committee reinforces FMDQ Exchange’s position as the preferred platform for innovative debt structures that serve both investor requirements and issuer funding needs.

DLM SPV PLC (“DLM SPV” or “the Issuer”), a special purpose vehicle established to facilitate structured financing arrangements, represents an innovative approach to capital mobilisation within Nigeria’s evolving financial landscape. The dual-tranche issuance structure provides investors with differentiated risk-return profiles while enabling efficient capital deployment. The net proceeds from this Notes issuance, sponsored by DLM Advisory Services Limited, a Registration Member (Listings) of FMDQ Exchange, will be utilised in accordance with the terms of the underlying transaction structure to support productive economic activities aligned with the Issuer’s strategic objectives.

Commenting on this listing, Dr. Sonnie Ayere, Group Chief Executive Officer, DLM Capital Group, stated, “The listing and premium pricing of the DLM Series 1 Tranche A Bond at ₦112.14 making it the most valuable AAA corporate bond in Nigeria is a defining milestone, not just for DLM Capital Group, but for the evolution of Nigeria’s fixed income market.

Achieving AAA/AAA credit ratings from Global Credit Rating and DataPro Limited, and commanding benchmark pricing, underscores the market’s recognition of its robust credit structure, disciplined risk framework, and sovereign-level credit protection underpinning the instrument.

This transaction validates our strategy of engineering high-quality, de-risk investment products that attract deep domestic capital. It also sets a new reference point for how structured corporate issuances can be priced when backed by strong credit fundamentals and investor confidence. Building on this momentum, DLM is strategically positioned to expand its issuance, deepen liquidity across future Series and continue delivering innovative, high-quality instruments that strengthen the Nigerian capital markets while creating sustainable value for investors.”

Also commenting, Mr. Nwabu Okonkwo, Managing Director, Investment Banking, DLM Advisory Limited, stated, “DLM Advisory Limited is delighted to have acted as Financial Adviser, Transaction Structurer and Joint Issuing House on the ₦7.30billion Series 1 Tranche A 40.62% Hold-To-Maturity Returns and ₦1.70billion Tranche B 19.07% Plain Vanilla Returns Sovereign Bond-Backed Composite Notes issued by DLM Funding SPV PLC and promoted by DLM Capital Group. The promoter’s solid corporate profile and strong credit rating of the bond were evident in the pricing and subscription of the Series 1 issuance.”

FMDQ Exchange continues to play a leading role in fostering a dynamic and inclusive capital market that accommodates both conventional and structured financing instruments. By maintaining a robust regulatory framework, promoting operational excellence, and ensuring market transparency, the Exchange remains committed to facilitating capital formation that supports infrastructure development, sectoral diversification, and sustainable economic growth across Nigeria.

FMDQ Group PLC (“FMDQ Group”) is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services for financial markets securities; an integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, derivatives and equity markets, among others, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

Central Bank of Nigeria (CBN) has been named Central Bank of the Year 2026 by an awards committee in London.

The award recognises the bank’s major reforms that helped stabilise Nigeria’s economy and improve investor confidence.

The award is part of the 13th annual Central Banking Awards. It highlights how the CBN helped turn around Nigeria’s economy, which was close to crisis in 2023.

At that time, Nigeria faced serious problems such as high inflation, a weak currency, low foreign reserves, and about $7 billion in unpaid foreign exchange obligations.

There was also a big gap between official and black-market exchange rates.

After Olayemi Cardoso was appointed governor in October 2023 by Bola Ahmed Tinubu, the CBN introduced strong reforms. These reforms focused on proper monetary policies, transparency, and market-based systems.

One major change was in the foreign exchange system.

The CBN removed multiple exchange rates and introduced a “willing-buyer, willing-seller” system. This made the market more transparent and reduced manipulation.

The bank also cleared old foreign exchange debts owed to sectors like aviation and manufacturing.

This helped restore trust in the economy. By late 2025, the gap between official and black-market exchange rates dropped to less than 2%.

Nigeria’s foreign reserves also improved, rising to $46.7 billion by November 2025  the highest level in almost seven years.

This was due to better foreign exchange inflows, stronger exports, and renewed investor confidence.

The International Monetary Fund praised these reforms, saying they improved the foreign exchange market and made pricing more reliable.

Inflation, which peaked at 34.8% in December 2024, dropped to 15.1% by January 2026. The CBN achieved this by raising interest rates and carefully managing the economy.

The bank also improved its internal operations. It stopped some programmes that were increasing money supply and causing inflation.

It strengthened its systems, improved compliance, and introduced digital tools, including artificial intelligence.

In the banking sector, the CBN introduced new rules requiring banks to increase their capital. This is expected to make the financial system stronger.

Nigeria also improved its fight against financial crimes. In 2025, the country was removed from a global watchlist for money laundering after improving its monitoring systems.

These reforms boosted Nigeria’s global image. Credit rating agencies upgraded the country’s outlook, and investor interest increased. Nigeria’s 2025 Eurobond attracted more than five times the expected subscriptions.

Although progress has been made, the CBN says challenges still remain, such as maintaining low inflation and completing banking reforms.

Overall, the award shows that Nigeria is regaining its position in the global financial system, thanks to strong policies and reforms by the CBN.