Nigeria: Shareholders Call for Effective ISA 2025 Implementation to Boost Capital Market Growth

Shareholders under the umbrella of the Independent Shareholders Association of Nigeria (ISAN) have urged regulators to ensure the efficient, transparent, and impartial implementation of the Investments and Securities Act (ISA) 2025 as a catalyst for sustainable growth in Nigeria’s capital market.

Speaking at the 2025 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, ISAN President Moses Igbrude said the success of ISA 2025 would depend largely on the capacity and independence of regulators tasked with enforcing the law.

Igbrude stressed that regulatory agencies, particularly the Securities and Exchange Commission (SEC), must apply the Act fairly and with strategic foresight, allowing market operators to conduct business without undue interference while maintaining strong compliance and governance standards.

He noted that regulators must build and sustain the technical and institutional capacity to manage all aspects of the Act, covering both traditional investment instruments and emerging areas such as digital assets. According to him, effective implementation should go beyond short-term enforcement and be embedded into long-term regulatory and market development strategies.

On infrastructure, Igbrude highlighted the need for a fully integrated and synchronised capital market ecosystem to enable seamless operations. He advocated the creation of a one-stop digital platform where investors, operators, and regulators can efficiently interact throughout the entire transaction lifecycle.

Such an ecosystem, he said, would reduce operational bottlenecks, improve transparency, and foster innovation, efficiency, and trust across the market.

Investor protection, particularly for minority and core shareholders, was also identified as a critical priority. Igbrude called for mandatory representation of minority shareholders on corporate boards, arguing that this would strengthen corporate governance, limit exploitation, and promote a more balanced distribution of power within listed companies.

Beyond regulation and infrastructure, he emphasised the importance of education, awareness, and collaboration among all market participants. Investors, he said, must clearly understand their rights, while operators and regulators must consistently demonstrate the competence and accountability required to uphold the law.

Igbrude concluded that a coordinated approach—combining independent regulation, capacity building, robust infrastructure, and strong investor protection—is essential for ISA 2025 to deliver on its promise. If effectively implemented, he said, the Act could help transform Nigeria’s capital market into a transparent, inclusive, and future-ready system capable of supporting long-term economic growth and positioning the country as a leader in financial innovation across Africa.