SEC grants fresh licences to BGL firms, clears return to capital market operations

By Peter Egwuatu

THE Securities and Exchange Commission (SEC) has granted fresh approvals to three companies within the BGL Group, authorising them to resume operations across key segments of the Nigerian capital market.

The approvals, contained in separate letters issued by the Commission, covering BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited, allowing the firms to operate respectively as Broker/Dealer, Issuing House, and Fund/Portfolio Manager.

The development signals the companies’ return to active participation in Nigeria’s capital market following the completion of regulatory registration processes and compliance requirements stipulated by the Commission.

In a letter signed by Mrs. Hafsat O. Rufai, Director, Registration, Exchanges and Market Infrastructure Department, SEC approved the registration of BGL Securities Limited as a Broker/Dealer, with effect from April 17, 2025.

The Commission said the approval followed the company’s successful performance at an interview conducted on November 1, 2024.

According to SEC, the registration was granted pursuant to the powers conferred on the Commission under the Investments and Securities Act (ISA) 2025 and the Rules and Regulations governing the Nigerian capital market.

The approval authorises the company to perform Broker/Dealer functions in the market, subject to compliance with applicable regulations, periodic reporting obligations and other conditions prescribed by the Commission.

The SEC also approved the registration of BGL Capital Limited as an Issuing House.

In a separate approval letter, the Commission stated that the company successfully met the regulatory requirements for registration and was granted approval to carry out Issuing House functions in the capital market with effect from November 22, 2024.

The Commission noted that the registration followed the successful performance of the company’s sponsored individuals during the regulatory interview process conducted in November 2024.

By virtue of the approval, BGL Capital Limited is authorised to provide issuing house services within the Nigerian capital market, subject to compliance with the Investments and Securities Act, SEC Rules and Regulations, and other applicable laws.

Similarly, BGL Asset Management Limited received approval from the Commission to operate as a Fund/Portfolio Manager.

According to the SEC approval letter, the company was granted registration with effect from November 22, 2024, following the successful completion of the Commission’s registration process.

The registration empowers the company to undertake fund and portfolio management activities in the Nigerian capital market.

SEC stated that the approval was granted under the provisions of the Investments and Securities Act and remains subject to compliance with regulatory requirements, including record-keeping obligations, submission of annual fidelity bond insurance policies, staff training requirements and periodic returns to the Commission.

For the three entities, the Commission emphasized the need to maintain the minimum number of registered sponsored individuals, comply with capital market regulations, provide evidence of professional training for sponsored officers and maintain membership of relevant capital market trade groups.

The Commission also reminded the companies of the requirement to renew their registrations annually and to promptly notify the regulator of any material changes in information supplied during the registration process.

With the approvals, BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited are now duly authorised to undertake their respective functions within the Nigerian capital market under the supervision of the Securities and Exchange Commission.

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