Nigeria's Securities and Exchange Commission would like founders based in the country to turn to the domestic market for funding. The SEC Nigeria founders listing advice was delivered by its director-general, Emomotimi Agama, who spoke in Lagos on Wednesday at TechCabal's Moonshot event. He said that raising money from the crowd or in the debt markets can serve as stepping stones towards a later stock market listing. His remarks arrive as the regulator works towards a ₦750 trillion market target, and as crypto firms have until 30 June 2027 to satisfy tougher capital requirements.
According to Agama, a founder's first port of call should be the people who already have faith in them, after which tools like commercial paper can gauge how keen investors really are. He added that borrowing is a way to finance expansion without surrendering any ownership stake.
SEC Nigeria founders listing: start small, borrow carefully
Agama did not soften his warning on one danger: founders, he cautioned, ought not to fund long-term ambitions with loans from banks that fall due in the short term.
He added that a good number of founders shy away from engaging with the regulator or with financial advisers.
The pitch in the SEC Nigeria founders listing push is simple. Founders who now look overseas for money should first try the local route. They should build a track record with investors and move towards the exchange step by step.
- Look for money at home before turning to overseas investors
- Build a track record with investors
- Move towards the exchange step by step
The master plan and the Dangote backdrop
The appeal for SEC Nigeria founders listing follows the unveiling of the Nigerian Capital Market Master Plan 2.0. Vice President Kashim Shettima presented the 10-year roadmap at the National Capital Market Conference in Abuja on 19 October, according to Nigeria Housing Market. It aims to lift the market to ₦750 trillion by 2036, a threefold expansion from a baseline of about ₦250 trillion.
Asked about the SEC Nigeria founders listing question, Agama in Lagos chose another measure of progress. According to him, the market has expanded from ₦55 trillion in 2024 to over ₦162 trillion. The story does not say why the starting figures are not the same.
Shettima said the plan would put the market at the centre of infrastructure finance, Blueprint reported. Long-term projects would then be funded with long-term domestic savings rather than short-term or foreign borrowing. For SEC Nigeria founders listing, the plan also seeks to deepen the bond market for states and broaden retail participation. It would also open a path for solid minerals, agriculture and growing enterprises to raise capital at home.
Finance Minister Taiwo Oyedele argued for more ambition. Tribune Online reported that he wants a $1 trillion market within 10 years and faster listings of state-owned firms such as NNPC and NLNG.
What the Dangote offer showed
As an example, Agama cited the Dangote Petroleum Refinery offer, which wound up on 27 October following an extension the SEC had sanctioned. He said participants came from 54 countries across Africa.
Final numbers are not yet confirmed. Serrari Group reports the offer covered 4.1 billion shares worth about ₦2.15 trillion. It says unofficial orders came to about ₦6.4 trillion, roughly three times the target, from 120 countries. It stresses that the final subscription total, approved allocations and trading date remain unconfirmed.
The Journal Nigeria calls it the largest capital-raising exercise in the Nigerian Exchange's 66-year history. It says directors expect to use a 30 per cent greenshoe option to lift proceeds to $2.1 billion.
The process is not finished. According to the offer's own site, registrars check applications and issuing houses send the basis of allotment to the SEC. Results are published only after the regulator approves.
Crypto firms face a harder message
Firms handling digital assets were given a tougher warning. The SEC lifted the minimum capital requirement for cryptocurrency trading platforms and for custodians in January, moving it from ₦500 million to ₦2 billion. Companies have until 30 June 2027 to comply.
Other categories carry lower thresholds. Phemex reports ₦1 billion for digital asset offering platforms and ₦300 million for ancillary service providers. Firms that miss the deadline risk suspension or revocation of their licences.
The SEC published draft rules on 20 August, according to Blockchain Desk, under which exchanges and custodians would pay a ₦30 million registration fee. Other platform types would need ₦500 million in capital, while virtual service providers dealing in digital holdings would need ₦200 million.
Agama described capital requirements as a measure of whether a firm is able to run its business, and encouraged young founders to combine resources with partners.
Licences still pending
Someone in the audience, representing the Virtual Asset Service Providers Association, wanted to know why no cryptocurrency exchange has secured a full licence, even though over two years have passed since the SEC rolled out its Accelerated Regulatory Incubation Programme in June 2024. Securities Africa reports that the scheme was meant to bring in firms that had already been trading before the SEC issued its virtual asset rules in May 2022.
Quidax and Busha were given provisional licences in August 2024 and are still waiting for final clearance. Agama said the SEC has levied no fees on firms in the programme while it examines the dangers in their operations. He added that the commission cannot move on its own, since other regulators also have a stake in the sector.
He warned investors too. "If you are not an investor, then you must be a victim," he said, referring to anyone who puts money into an unregulated business.
Engage early, or risk a violation
Agama advised founders building products around tokenisation or stablecoin to engage the regulator at an early stage. In his explanation, the SEC supervises digital asset activity apart from payments, which fall under the Central Bank of Nigeria.
He said any firm that comes under the SEC's regulations and stays away is breaking the law. "Ignorance of the law is not an excuse."
The coming months will show whether the local market can absorb more founder fundraising. The Dangote allotment results are awaited, the draft crypto rules are still open, and the June 2027 deadline is getting closer.
