SEC Grants New Licences to BGL Firms, Authorizes Their Return to Capital Markets

By Peter Egwuatu

The Securities and Exchange Commission (SEC) has issued new approvals to three entities within the BGL Group, enabling them to resume activities in key areas of the Nigerian capital market.

The approvals, conveyed through separate letters from the Commission, cover BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited, authorising each firm to operate as a Broker/Dealer, Issuing House and Fund/Portfolio Manager, respectively.

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

The Commission noted that the approval followed the company’s successful performance in an interview held on November 1, 2024.

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

The SEC also approved BGL Capital Limited’s registration as an Issuing House.

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

By virtue of this 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.

The SEC indicated 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.

With these 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.