SEC DG: Young Nigerians, fintech apps now driving capital market growth

Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, says fintech apps, majorly used by a growing number of young Nigerians, are now driving capital market growth.

Speaking during an appearance on Moneyline with Nancy, SEC Director-General Dr. Agama disclosed that early indicators show a new wave and a new interest driven largely by young Nigerians leveraging fintech investment apps.

Interest from younger investors has been growing in recent times, fueled by the adoption of mobile trading platforms that simplify access to stocks and other capital market instruments.

SEC says it will publish fresh data on retail investor participation in Nigeria’s capital market by the end of 2026 to provide detailed insights into this demographic shift and its implications for market growth.

Dr. Agama attributed the market’s recent surge to regulatory reforms, presidential support, and a focused commitment by the SEC to build a stronger and more accessible capital market.

What they are saying 

The SEC DG explained that a nationwide survey on investor behavior is currently underway.

• “One of the things we will do at the year-end, 2026, is to provide new data. That survey is happening now, so it will be premature to give you information. But beyond all of that is the fact that there is a new wave and a new interest in the Nigerian capital market, and that we must sustain,” Agama said.

He highlighted the strong performance of the market, noting that the Nigerian Exchange All-Share Index has surpassed 250,000 points, the highest in history.

Market capitalization has climbed to N161 trillion, up from N55 trillion when the current SEC leadership took office—a nearly threefold increase.

Market depth has improved alongside capitalization-to-GDP ratios, rising from 13% to over 33%. The Commission has also issued over 130 advisories on ponzi schemes as part of ongoing investor education efforts.

More insights

Despite the gains, retail participation remains low relative to Nigeria’s 220 million population. Agama rejected the notion that the market refuses to be a mass market.

• “Prior to this time, the information that was available suggested that not so many people were investing in the market. That is the old story. It’s completely changing,” he said.

He emphasized fintech adoption, noting that more than 30 investment apps are now active, driving higher daily transactions on the Nigerian Exchange.

While non-investors still outnumber investors—a trend seen globally in sophisticated markets—young Nigerians are increasingly participating, reshaping the demographic profile of retail investors.

Agama also highlighted the SEC’s role in modernizing payment systems, including the rollout of T+1 settlement. Nigeria transitioned from T+5 to T+3, then T+2 in November 2025, and completed the shift to T+1 six months later.

• “For the simple Nigerian investor, this means that when you do a transaction today, the trading day (T), in one day after that, you get your money,” he explained. “It allows for faster reinvestment, increased liquidity, and higher earning potential.”  

The move aligns with the Investments and Securities Act 2007 and the Capital Market Master Plan 1.0, which set T+1 as a milestone. With Master Plan 1.0 concluding in 2025, SEC is now focused on building institutions and expanding retail participation.

What you should know

Earlier this week, the Central Securities Clearing System (CSCS) Plc officially launched Nigeria’s T+1 settlement cycle, completing the transition from a two-day settlement framework.

The milestone ceremony was attended by SEC, the Nigerian Exchange Group (NGX), market operators, custodians, registrars, stockbrokers, and institutional investors.

Under the new framework, securities transactions executed on a trading day now settle the next business day, reducing waiting times between trade execution and final settlement.

This development brings Nigeria’s capital market closer to international best practices and enhances liquidity, efficiency, and investor confidence in both retail and institutional segments.

Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, says fintech apps, majorly used by a growing number of young Nigerians, are now driving capital market growth.

Speaking during an appearance on Moneyline with Nancy, SEC Director-General Dr. Agama disclosed that early indicators show a new wave and a new interest driven largely by young Nigerians leveraging fintech investment apps.

Interest from younger investors has been growing in recent times, fueled by the adoption of mobile trading platforms that simplify access to stocks and other capital market instruments.

SEC says it will publish fresh data on retail investor participation in Nigeria’s capital market by the end of 2026 to provide detailed insights into this demographic shift and its implications for market growth.

Dr. Agama attributed the market’s recent surge to regulatory reforms, presidential support, and a focused commitment by the SEC to build a stronger and more accessible capital market.

What they are saying 

The SEC DG explained that a nationwide survey on investor behavior is currently underway.

• “One of the things we will do at the year-end, 2026, is to provide new data. That survey is happening now, so it will be premature to give you information. But beyond all of that is the fact that there is a new wave and a new interest in the Nigerian capital market, and that we must sustain,” Agama said.

He highlighted the strong performance of the market, noting that the Nigerian Exchange All-Share Index has surpassed 250,000 points, the highest in history.

Market capitalization has climbed to N161 trillion, up from N55 trillion when the current SEC leadership took office—a nearly threefold increase.

Market depth has improved alongside capitalization-to-GDP ratios, rising from 13% to over 33%. The Commission has also issued over 130 advisories on ponzi schemes as part of ongoing investor education efforts.

More insights

Despite the gains, retail participation remains low relative to Nigeria’s 220 million population. Agama rejected the notion that the market refuses to be a mass market.

• “Prior to this time, the information that was available suggested that not so many people were investing in the market. That is the old story. It’s completely changing,” he said.

He emphasized fintech adoption, noting that more than 30 investment apps are now active, driving higher daily transactions on the Nigerian Exchange.

While non-investors still outnumber investors—a trend seen globally in sophisticated markets—young Nigerians are increasingly participating, reshaping the demographic profile of retail investors.

Agama also highlighted the SEC’s role in modernizing payment systems, including the rollout of T+1 settlement. Nigeria transitioned from T+5 to T+3, then T+2 in November 2025, and completed the shift to T+1 six months later.

• “For the simple Nigerian investor, this means that when you do a transaction today, the trading day (T), in one day after that, you get your money,” he explained. “It allows for faster reinvestment, increased liquidity, and higher earning potential.”  

The move aligns with the Investments and Securities Act 2007 and the Capital Market Master Plan 1.0, which set T+1 as a milestone. With Master Plan 1.0 concluding in 2025, SEC is now focused on building institutions and expanding retail participation.

What you should know

Earlier this week, the Central Securities Clearing System (CSCS) Plc officially launched Nigeria’s T+1 settlement cycle, completing the transition from a two-day settlement framework.

The milestone ceremony was attended by SEC, the Nigerian Exchange Group (NGX), market operators, custodians, registrars, stockbrokers, and institutional investors.

Under the new framework, securities transactions executed on a trading day now settle the next business day, reducing waiting times between trade execution and final settlement.

This development brings Nigeria’s capital market closer to international best practices and enhances liquidity, efficiency, and investor confidence in both retail and institutional segments.