FOR-THE-RECORD: FG Identifies with CMSA 2025 Annual Business Summit

By Reporter / Posted June 27, 2025

KEYNOTE ADDRESS DELIVERED BY THE HON. MINISTER OF STATE FINANCE; DR. DORIS UZOKA–ANITE AT THE CAPITAL MARKET SOLICITORS ASSOCIATION (CMSA) 2025 ANNUAL BUSINESS SUMMIT HELD ON WEDNESDAY, 25 JUNE 2025 AT THE LAGOS ORIENTAL HOTEL, VICTORIA ISLAND, LAGOS ON THE THEME: THE INVESTMENT AND SECURITIES ACT 2025: INNOVATIONS AND OPPORTUNITIES IN THE NIGERIAN CAPITAL MARKET

Protocol

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Distinguished members of the Capital Market Solicitors Association, esteemed guests, captains of industry, regulators, legal luminaries, market operators, and all participants — I am deeply honoured to be part of this premier gathering of Nigeria’s capital market thought leaders.

Let me express my appreciation to the CMSA for your consistent stewardship of the legal framework that underpins our financial architecture. Your dedication since 2001 has ensured that the legal ecosystem of our capital market remains dynamic and responsive to emerging realities.

The unveiling of the Investment and Securities Act 2025 represents more than legislative housekeeping — it is a transformational moment in the trajectory of Nigeria’s financial and capital market reforms. Repealing the 2007 Act, this new legislation arrives at a critical juncture when Nigeria’s market must compete for capital, defend investor confidence, and align with global best practices.

We gather here today not only to examine what this new law offers but also to interrogate what it demands — of our institutions, investors, and ourselves.

KEY INNOVATIONS AND STRATEGIC DELIVERABLES OF THE ISA 2025:

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The Act introduces a suite of reforms that align Nigeria’s capital market with global standards:

Expanded Regulatory Scope: The Securities and Exchange Commission (SEC) now regulates digital asset exchanges, crowd-funding platforms, and online forex intermediaries.

Investor Protection: New provisions empower SEC to penalize sponsors of Ponzi schemes and enhance whistleblower protections.

Market Infrastructure & Fintech: The Act supports technology-driven market systems by recognizing electronic warehouse receipts, collateral management companies, and broader fintech-enabled infrastructure—boosting commodities trading, financial inclusion, and access to capital.

Clearer frameworks for collective investment schemes that encourages private equity, venture capital, and innovation in financing.

Improved mechanisms for dispute resolution, giving greater confidence to investors and stakeholders alike.

These reforms mirror global trends. For instance, Malaysia and Singapore have already integrated digital asset exchanges into their regulatory frameworks — Nigeria now joins that league.

WHAT OPPORTUNITIES DOES ISA 2025 CREATE FOR NIGERIANS?

Nigeria’s capital market capitalization stood at ₦56.2 trillion as at Q1 2025, reflecting a 12% year-on-year growth. Yet, only 3% of Nigerians actively invest in the capital market, compared to over 50% in the U.S. This gap is not a limitation — it is an opportunity.

THE ISA 2025 CAN CATALYZE:

Retail Participation: By legitimizing micro-investments and digital platforms, the Act opens the door to Nigeria’s 70million youth under age 30.

Foreign Investment: With clearer rules and stronger enforcement, Nigeria becomes a more attractive destination for global capital.

Green Finance: ESG-compliant instruments, now better defined under the Act, can help fund Nigeria’s $100 billion climate finance gap.

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LOOKING TO THE FUTURE:

Let’s imagine a near future where Nigerian tech startups list not just in Silicon Valley, but on Nigerian bourses — fully capitalized and trusted. Where pension funds drive ESG-friendly infrastructure investments. Where Diaspora bonds are structured with airtight guarantees, and retail investors are not just participants but true beneficiaries.

It’s possible. And it starts with the regulatory courage we see embedded in this Act.

The Government’s Commitment:

This Administration remains firmly committed to improving the ease of doing business, enhancing Macro-economic stability, Fiscal transparency, Debt sustainability and creating an enabling environment for investment.

We are aligning fiscal policy with market development, streamlining bureaucratic bottlenecks, and enhancing the autonomy and capacity of financial regulators. Our commitment to digitization and public-private collaboration will also extend to the capital market ecosystem.

Let me assure you that we will continue to partner with stakeholders such as the CMSA to ensure that the reforms embedded in this Act translate into measurable results—growth in listings, increased liquidity, more retail participation, and greater investor confidence.

CONCLUSION:

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CMSA has been the conscience and compass of Nigeria’s capital market. Today, we are called not just to interpret the law, but to animate it — with innovation, integrity, and impact.

As we reflect on the opportunities and obligations this new law presents, I invite all stakeholders to move from insight to action. Collectively, we can build a capital market that is not only transparent, but fair and globally competitive.

I thank you once again for the opportunity to speak with you today and wish you fruitful deliberations.

God bless the Federal Republic of Nigeria.