Nigeria

The Investments and Securities Act (ISA) 2025 is the key legislative piece of capital markets legislation in Nigeria, enacted on March 18, 2025, with the objective of protecting investors and maintaining the integrity of financial markets through the regulatory body, the Securities and Exchange Commission (SEC) [ISA 2025]. An entire replacement of the previous legislative structure of 2007, the act is quite contemporary as it recognizes digital assets, cryptocurrencies, tokenized securities, and NFTs under the purview of the SEC and criminalizes Ponzi scheme activities using strict asset-freezing fines. The act is currently functional and vigorously enforceable by giving the SEC more power to subpoena and audit digital transaction records, along with an obligation for capital markets to have higher capital requirements by June 30, 2027.