14 Aug 2025
Abuja, Nigeria – August 14, 2025 – The Ernest Shonekan Centre for Legislative Reforms and Economic Development (ESC), convened a high-level webinar titled "Navigating the Investments and Securities Act, 2025: Legal, Regulatory, and Governance Implications" on Thursday, August 14, 2025. The virtual event brought together key stakeholders from the public and private sectors to examine the far-reaching impact of the recently enacted Investments and Securities Act (ISA) 2025 on Nigeria’s capital markets, regulatory framework, and corporate governance landscape.
Opening the session, Dr. Uchenna Ogbonna, Executive Director of the Ernest Shonekan Centre, underscored the significance of the ISA 2025 in strengthening Nigeria’s economic environment, boosting investor confidence, and enhancing regulatory integrity. He emphasised the Act’s role in creating a transparent, well-regulated market capable of fostering sustainable growth.
The discussion, moderated by the stakeholder manager ESC, Nsikan Essien, saw the first speaker, Mrs. Franca Egwuekwe, an Associate Director of Corporate Commercial at IHS Nigeria, provide a detailed overview of the Act’s key provisions and reforms. She highlighted how the ISA 2025 replaces the nearly two-decade-old 2007 legislation, which had become inadequate in addressing the realities of modern capital markets, particularly after the 2008 global financial crisis.
Mrs Egwuekwe explained that the new Act equips the Securities and Exchange Commission (SEC) with expanded regulatory oversight, improved enforcement mechanisms, and updated provisions aligned with global best practices. She noted that these reforms enable the SEC to protect investors more effectively, ensure market integrity, and intervene during market crises to prevent systemic risks. She also discussed how the aftermath of the financial crisis led to the establishment of Central Counterparties (CCPs) to absorb systemic shocks and guarantee the settlement of transactions.
On his part, Odiakachukwu Vincent Iweze, President of the Capital Market Solicitors’ Association, examined the legal oversight and investor protection mechanisms embedded in the Act. He focused on the Investment and Securities Tribunal (IST), detailing its composition, jurisdiction, and role in ensuring fair adjudication of disputes within the capital market ecosystem.
Representing Dr. Emomotimi Agama, Director General of SEC, Mr Tarfa Makyur Makyur, Head of the Monitoring Department at the SEC, delivered a presentation on compliance, governance, and regulatory risk under the ISA 2025. He emphasised that a well-regulated capital market is critical to sustainable economic development and described the Act as a legislative triumph that makes Nigeria’s capital market more resilient and globally competitive. His presentation outlined the SEC’s expanded mandate, which now includes a broader regulatory framework for virtual assets, strengthened enforcement powers with stricter penalties for market abuse and fraud, enhanced market integrity measures such as the introduction of legal entity identifiers, and improved governance standards for public companies requiring greater transparency and accountability.
Chief Anthony Idigbe, SAN, Senior Partner at Punuka Attorneys & Solicitors, spoke on what legislators and policymakers must know about oversight, engagement, and enforcement in the context of the ISA 2025. Drawing from the social contract theory, he explained the government’s responsibility to regulate the private sector for public good, highlighting the role of legislators in policy agenda setting, formulation, legislation, and oversight. He examined the policy objectives of the Act, its legitimacy and accountability measures, implementation frameworks, responsive regulation mechanisms, and the structure of fines, fees, and sanctions. Chief Idigbe also shared insights from his participation in the public hearing process for the Act, noting the robust debates among stakeholders before its passage.
In the course of the event, the panel collectively stressed the need for ongoing stakeholder engagement to ensure the successful implementation of the ISA 2025. The discussions reinforced how the Act strengthens Nigeria’s capital market regulation, improves investor confidence, and addresses emerging market challenges not covered by the previous legislation.
The webinar reaffirmed the ESC’s role as a trusted dialogue convener, bridging policy, regulation, and industry practice. It created pathways for inclusive and transparent legislative reforms and economic development in Nigeria.