Nigeria’s key market institutions – the SEC, CBN, and NGX – operate at significant scale but have historically faced coordination challenges due to differing mandates. The 2024–2026 recapitalisation marked the most coordinated inter-agency execution in the market’s history, supported by the Investments and Securities Act (ISA) 2025 and the SEC’s Recapitalisation Framework introduced in June 2024.
Despite the complexity of the exercise, these institutions were central to its success. They streamlined approvals, resolved emerging structural issues, and reduced friction across the issuance process.
The SEC played a catalytic role through faster approval timelines while maintaining full disclosure standards.
The CBN provided clarity on holding company structures and hybrid capital instruments, allowing banks to optimise capital structures efficiently. The NGX supported secondary market activity, contributing to strong market performance during the recapitalisation period.
Collectively, these institutions strengthened Nigeria’s financial architecture by improving liquidity, reducing approval delays, and enabling capital formation at an unprecedented scale.