The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that fintech investment apps are driving a new wave of participation in Nigeria’s capital market, particularly among young Nigerians.
Speaking during an appearance on Moneyline with Nancy, Agama revealed that early indicators point to growing interest in the capital market, fueled largely by the increasing adoption of digital investment platforms.
According to him, the SEC is currently conducting a nationwide survey on investor behaviour and plans to release updated data on retail investor participation by the end of 2026.
“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.
The SEC boss attributed the recent growth of the market to a combination of regulatory reforms, support from the Federal Government and deliberate efforts by the Commission to make the capital market more accessible and efficient.
He highlighted the strong performance of the Nigerian capital market, noting that the Nigerian Exchange (NGX) All-Share Index has surpassed 250,000 points, marking the highest level in its history.
Agama also disclosed that market capitalisation has risen significantly to N161 trillion from N55 trillion when the current SEC leadership assumed office, representing nearly a threefold increase.
In addition, the market capitalisation-to-GDP ratio has improved from 13 per cent to more than 33 per cent, reflecting deeper market participation and stronger investor confidence.
As part of its investor protection mandate, the Commission has issued more than 130 advisories warning Nigerians against fraudulent investment schemes and Ponzi operations.
Despite the positive momentum, Agama acknowledged that retail investor participation remains relatively low compared to Nigeria’s estimated population of over 220 million people.
However, he rejected suggestions that the capital market is inaccessible to ordinary Nigerians, insisting that participation levels are changing rapidly.
“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.
According to the SEC Director-General, fintech innovation has played a major role in democratizing access to investment opportunities. He noted that more than 30 investment applications are currently active in Nigeria, contributing significantly to daily trading volumes on the Nigerian Exchange.
The growing popularity of these platforms has made it easier for young people to invest in stocks and other financial instruments using mobile devices, helping to reshape the demographic profile of retail investors.
While non-investors still outnumber investors—a trend that exists even in advanced financial markets—Agama said the increasing participation of younger Nigerians is a positive sign for the future of the market.
The SEC chief also highlighted recent efforts to modernize Nigeria’s capital market infrastructure through faster settlement systems.
He explained that Nigeria has successfully transitioned from a T+5 settlement cycle to T+3, then T+2 in November 2025, before completing the shift to T+1 settlement 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,” Agama explained.
“It allows for faster reinvestment, increased liquidity, and higher earning potential.”
The move aligns with the provisions of the Investments and Securities Act 2007 and the objectives outlined in the Capital Market Master Plan 1.0, which identified T+1 settlement as a key milestone for market development.
With the conclusion of Master Plan 1.0 in 2025, the SEC said its focus has shifted toward strengthening institutions, improving market efficiency and expanding retail investor participation.
The Commission’s efforts received a major boost this week when the Central Securities Clearing System (CSCS) Plc officially launched Nigeria’s T+1 settlement cycle.
The milestone event brought together representatives from the SEC, Nigerian Exchange Group (NGX), stockbrokers, registrars, custodians, institutional investors and other market stakeholders.
Under the new framework, securities transactions executed on a trading day are now settled on the next business day, reducing delays between trade execution and final settlement.
Market analysts believe the transition will improve liquidity, enhance operational efficiency and boost investor confidence across both retail and institutional segments.
As digital investment platforms continue to gain traction among younger Nigerians, regulators are optimistic that technology-driven participation will help deepen the market and accelerate financial inclusion across the country.
