The Nigeria Securities and Exchange Commission (SEC) has directed all existing and prospective collateral management companies, warehouse operators, and warehouses operating within Nigeria’s commodities trading ecosystem to register with the Commission in line with the provisions of the Investments and Securities Act (ISA) 2025.
In a circular signed by the Management of the Securities and Exchange Commission (SEC), the SEC stated that the directive applies to all operators linked to commodity exchanges or involved in the issuance of electronic warehouse receipts for trading on commodity exchanges.
The Commission noted that its regulatory authority derives from Sections 3(3)(m) and (n) of ISA 2025, which empower it to register and regulate entities operating in the commodities market.
According to the circular, operators currently carrying out such activities under informal or transitional arrangements are also required to comply with the registration requirements, adding that existing operations do not amount to automatic registration or exemption from statutory obligations.
The SEC further directed all affected entities to submit complete registration applications within 90 days of the circular’s date, designating the timeline as the official “Registration Deadline” unless otherwise extended in writing by the Commission.
The Commission emphasised that only entities that submit complete applications within the stipulated timeframe would be considered compliant, noting that incomplete applications or failure to provide additional requested information within specified timelines would not satisfy regulatory requirements.
The SEC added that detailed registration requirements, guidelines, forms, and templates are available on its website and encouraged affected operators to engage early with the Commission during the registration process.
The circular takes immediate effect, while the Commission noted that additional transitional guidance or interim operating conditions may be issued where necessary.