The (SEC) has called for stronger participation of women in Nigeria’s capital market, stressing that increased female involvement will help strengthen financial institutions and boost investor confidence.

The call was made during the celebration held at the commission’s headquarters in , where regulators and financial experts highlighted the need for more female leadership and financial inclusion in the investment ecosystem.

Women critical to capital market growth

The Director-General of the SEC, , said women have played significant roles in the development of Nigeria’s financial system and should be given greater opportunities to contribute to the growth of the capital market.

According to him, female professionals have consistently demonstrated resilience, dedication, and leadership across various roles within the commission and the broader financial sector.

Agama noted that women have served as pillars of the Nigerian capital market, helping to strengthen institutional credibility and deepen investor trust.

He also revealed that one of the most influential mentors during his more than two decades at the commission was a woman who helped shape his professional journey.

Recognising female leaders in the SEC

The SEC Director-General highlighted the contributions of several women who have held top leadership positions within the commission, including former Director-General and former Acting Director-General .

He urged organisations and society at large to recognise the critical role women play in shaping institutions and promoting economic development.

Experts urge women to invest more

Also speaking at the event, the Founder and Chief Executive Officer of , , encouraged women to strengthen their financial decision-making and actively participate in investment opportunities.

She noted that despite working in financial institutions and related sectors, many women still lack adequate financial empowerment.

According to Alabi, building financial independence requires discipline in saving, investing, and long-term wealth creation.

She also cautioned women against fraudulent investment schemes and urged them to make informed financial decisions.

SEC officials emphasise mentorship and inclusion

In her remarks, the Executive Commissioner for Legal and Enforcement at the SEC, , said women within the commission have continued to demonstrate professionalism, resilience, and integrity in their duties.

Similarly, the Executive Commissioner for Operations, , stressed that women bring unique perspectives and thoughtful analysis to leadership and decision-making processes.

He added that the commission is creating more opportunities to ensure women thrive within the organisation and the broader capital market.

Promoting financial inclusion

Participants at the event emphasised the importance of financial literacy, mentorship, and leadership opportunities for women, noting that increased inclusion would strengthen the Nigerian capital market and support broader economic growth.

The event formed part of activities marking the 2026 International Women’s Day celebration, with stakeholders calling for sustained efforts to empower women within Nigeria’s financial system.

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Nigeria is preparing to introduce its first nationwide interest-free mortgage system following a new partnership between the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN).

The initiative aims to reduce the country’s housing deficit—currently estimated at 28 million units—by creating home-financing options aligned with ethical and non-interest financial principles.

The agreement was announced after a high-level strategy meeting in Abuja, where both institutions outlined plans for a Non-Interest Mortgage (NIM) framework designed to expand access to affordable housing. If fully implemented, the scheme will offer an alternative for millions of Nigerians who cannot access conventional, interest-based mortgage products.

SEC to Provide Regulatory Backbone

SEC Director-General, Dr. Emomotimi Agama, said the Commission will support the programme by strengthening regulations for Sukuk and other non-interest financial instruments that will fund the mortgage ecosystem.

He explained that a clear regulatory foundation is necessary to attract long-term capital from domestic and foreign ethical investors.

“Our work with FMBN marks a major step toward unlocking sustainable funding for housing. With strong structures for non-interest mortgage-backed instruments, we can build a cycle of financing, construction and homeownership,” Agama said.

FMBN Targets Financial Inclusion

FMBN Managing Director, Mr. Shehu Osidi, said the model is designed to serve Nigerians excluded from the National Housing Fund because it is interest-based.

“For decades, many Nigerians—particularly those who follow Islamic finance principles—have been unable to benefit from mortgage programmes. This partnership is a deliberate effort to close that gap,” he said.

Housing finance expert Ebilate McYoroki described the initiative as “long overdue,” saying it could spur housing demand and unlock new investment flows.

How the Interest-Free Mortgage Will Work

The proposed Non-Interest Mortgage system will rely on Islamic finance structures such as:

• Musharakah (Diminishing Partnership): Joint ownership between the bank and homeowner, with gradual buyout.

• Ijara (Lease-to-Own): Bank purchases property and leases it until ownership transfers.

• Murabaha (Cost-Plus Sale): Bank buys the property and resells at an agreed markup payable in instalments.

Expected Economic Impact

Officials say the new mortgage structure will create jobs, stimulate construction, and deepen financial inclusion nationwide. It also aligns with the Federal Government’s broader plan to reform housing delivery and expand homeownership opportunities.

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Wale Odutola, Chief Executive Officer of ARM Holdings, says the Ministry of Finance Real Estate Investment Fund (MREIF) is transforming Nigeria’s housing market into a credible and investable asset class.

Speaking in an interview with BusinessDay, Odutola explained that the fund was designed to introduce structure, transparency, and governance into a sector long constrained by short-term financing and policy inconsistency.

He said MREIF operates as a regulated, closed-ended collective investment scheme under the Securities and Exchange Commission (SEC), with all transactions managed through independent custodians and trustees to ensure accountability.

Odutola noted that the initiative is building investor confidence by standardising mortgage-backed instruments and creating traceable housing assets with predictable income streams.

He added that the fund aligns public policy and private finance, positioning the Ministry of Finance Incorporated (MOFI) as an anchor investor to de-risk early investments and crowd in pension funds, insurance firms, and development finance institutions.

According to him, MREIF’s multi-layered structure—featuring concessionary, commercial, and hybrid tranches—offers risk protection through MOFI’s first-loss position, while independent governance frameworks safeguard investors’ interests.

Odutola said transparency remains a key differentiator for MREIF, as the fund provides full disclosure through audited reports, performance dashboards, and regulatory oversight, helping to build trust and credibility.

He added that the federal government’s reforms around fiscal discipline and asset optimisation have strengthened investor confidence, with MREIF serving as a model for future infrastructure funds in sectors such as energy, transportation, and manufacturing.

Odutola concluded that MREIF represents a long-term vision for institutional maturity in Nigeria’s financial system, showing that disciplined governance and blended finance can drive sustainable housing and economic development.

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The SEC shared this directive in a recent circular. It was titled: “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors.” The Commission noted a growing trend where INEDs were later appointed to executive roles, including that of Chief Executive Officer (CEO). According to the SEC, this practice weakens the objectivity expected from independent board members.

The Commission stated that such transitions go against the principles of good governance. It also added that this undermines rules outlined in the National Code of Corporate Governance and the SEC’s own guidelines. For this reason, the SEC has ordered public companies and major capital market operators to stop this practice immediately.

In addition, the SEC introduced a new rule. A CEO who steps down cannot become Chairman of the same company right away. There must be a three-year cooling-off period. This ensures a clear line between leadership and oversight roles.

The circular also introduced term limits. Directors can now serve up to ten consecutive years in a single company. Within a group structure, the limit is twelve years. After that, they must leave their position. If a former CEO or Executive Director is appointed Chairman, it must be after the three-year break. Their term as Chairman can then last a maximum of four years.

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In a formal advisory released recently, the Securities and Exchange Commission (SEC) disassociated itself from PWAN and its affiliate, PWAN MAX, stating that neither entity holds valid registration to conduct investment business or raise capital within the country.

The Commission noted that it had received a wave of complaints and disturbing reports about the company’s activities, including unreasonably high return promises and an increasing number of unfulfilled withdrawal requests, common traits seen in schemes designed to deceive.

According to SEC, these red flags strongly suggest a structure similar to that of other collapsed money-doubling operations, where early investors are paid using funds from newer ones, a hallmark of Ponzi setups.

The public was urged to exercise extreme caution and confirm the legitimacy of any investment outfit through SEC’s verification portal before engaging. “Invest at your own risk,” the advisory warned bluntly, referring to PWAN’s unauthorized status.

This latest warning trails the recent implosion of CBEX, a digital trading outfit that lured in over 600,000 Nigerians before collapsing, reportedly wiping out close to N1.2 trillion in funds. CBEX had dangled a 100% return promise within 30 days, allegedly based on AI-powered trading.

The Commission emphasized that although the firm had been registered with the Corporate Affairs Commission and listed with the EFCC’s anti-money laundering unit, it lacked the SEC’s express license to operate in the capital market.

With the recent enactment of the Investments and Securities Act (ISA 2025), signed into law by President Bola Tinubu, SEC now holds greater authority to go after peddlers of unregulated schemes. Offenders may now face up to 10 years imprisonment and a fine of N40 million.

SEC’s Director General, Emomotimi Agama, stated that the agency will no longer hesitate to enforce the new law against any individual or platform promoting fraudulent financial schemes across the country.

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This new directive, outlined in a statement signed by Hafsat Rufai, SEC’s Director of Registration, Exchanges, and Market Infrastructure Department, takes effect from January 1, 2025.

According to the statement, all Capital Market Operators (CMOs) seeking to renew their annual registration must now include proof of payment for their 2025 annual receipt from their respective trade groups as part of their application.

SEC emphasized that this move is in line with its rules and regulations and warned that operators who fail to meet the January 31, 2025, renewal deadline will face penalties and potential exclusion from participating in capital market activities.

“This directive underscores the Commission’s commitment to enforcing regulatory compliance and ensuring a transparent and accountable market,” the statement read. SEC believes that this step will enhance professionalism among CMOs and bolster confidence in the Nigerian capital market.

Reacting to the development, Sam Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), praised the SEC’s decision and urged market participants to comply.

Onukwue described the move as a positive development that will empower trade groups to play stronger roles in advocacy and promoting transparency in the market.

Market analysts have also lauded the new requirement, highlighting its potential to reinforce investor confidence and improve industry standards. A financial expert noted that SEC’s insistence on trade group registration aims to ensure that operators adhere to best practices while fostering accountability and professionalism.

This directive comes as part of SEC’s broader efforts to develop and safeguard the Nigerian capital market. By holding operators to higher standards, the Commission aims to create a more robust environment that attracts investment and encourages sustainable growth. With the new rules set to kick in soon, stakeholders are expected to adapt quickly and align with the new regulatory expectations.

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The move comes following the approval of the bond issuance by Dangote Cement’s Board of Directors and the necessary green light from the Securities and Exchange Commission (SEC). According to the company, these bonds are set to be issued in the near future, provided that market conditions remain favorable.

The proceeds from this issuance are expected to serve strategic objectives, such as refinancing existing debt and bolstering the company’s working capital. This financial maneuver is designed to enhance Dangote Cement’s operational stability and maintain a strong financial foundation.

The company noted that this issuance is part of its commitment to utilizing the domestic capital market to access medium- to long-term debt funding. By doing so, Dangote Cement aims to optimize its capital structure and support sustainable growth. This initiative reflects a strategic approach to managing its finances while positioning itself to navigate potential economic shifts effectively.

The official statement from Dangote Cement read: “Dangote Cement Plc has obtained approval of its Board of Directors to access medium to long-term debt funding from the domestic capital markets.

The Company had filed an application with the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received. The bonds will be issued imminently, subject to favorable market conditions. The proceeds of the bonds will be applied towards refinancing existing debt and for working capital purposes.”

This strategic issuance comes at a time when the Nigerian capital market continues to demonstrate resilience, providing fertile ground for companies to secure capital through innovative financial instruments.

Dangote Cement’s move reflects a keen understanding of the current financial landscape and underscores its confidence in the market’s capacity to support corporate growth.

By tapping into domestic markets, Dangote Cement is set to bolster its financial health and sustain its leadership in the industry. The initiative also positions the company to continue investing in operational efficiencies and long-term projects, ensuring that it remains well-equipped to meet market demands and expand its footprint in the competitive cement industry.

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