Nigeria’s securities dealers seek cooling-off period for ISA 2025 implementation

The Association of Securities Dealing Houses of Nigeria (ASHON) is requesting a cooling-off period before the full implementation of the newly signed Investment and Securities Act (ISA) 2025. ASHON said this is to enable its members to familiarise themselves with the new provisions.

The new Act incorporates innovations such as digital assets, crowdfunding, and financial technology (FinTech), and provides a clearer basis for regulating Virtual Asset Service Providers (VASPs) and digital investment products. It also empowers the Securities and Exchange Commission (SEC) to prosecute and jail an erring market operator.

Market watchers fear that capital market operators may struggle to comply with the new Act’s provisions due to its innovations, and they need more time to gain a wider understanding.

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Speaking recently in Lagos at the workshop organised by ASHON on the implementation of ISA 2025, Sam Onukwue, chairman, ASHON, while commending the SEC on the ISA 2025, also pleaded for a cooling-off period to allow members to gain deeper knowledge of the new securities laws.

Bola Ajomale, Executive Commissioner for Operations, SEC, urged ASHON members to study the new ISA provisions and employ professionals to enhance their knowledge and interpretation of the Act.

Ajomale advised market operators to adopt self-reporting to mitigate sanctions in the event of a breach.

The workshop featured presentations on “Translating the New ISA 2025 Act into Practice,” “Legal Perspectives on Digital Assets & Regulatory Frameworks,” and “The ISA 2025 and Digital Innovations.” Among the participants were ASHON’s 1st and 2nd Vice Chairman, Sehinde Adenagbe and Ify Ejezi,e respectively.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.