Nigeria’s newly signed Investment and Securities Act (ISA 2025) has significantly expanded the regulatory powers of the Securities and Exchange Commission (SEC), granting it the authority to access subscriber records from telecom and electronic communication companies in the country.
A key provision in Section 3(4)(j) of the Act allows the SEC to obtain phone, internet, and electronic records to aid investigations and enforcement actions. This includes access to communication content in cases of suspected violations of securities laws, a move designed to enhance regulatory oversight and investor protection.
SEC Director-General Emomotimi Agama, speaking in a televised interview, emphasized that the law strengthens the Commission’s ability to combat fraudulent investment schemes. He noted that before this legislation, SEC lacked the legal backing to prosecute operators of Ponzi schemes effectively. Under the new law, individuals found guilty of running such schemes now face a 10-year jail term and a ₦40 million penalty.
Agama stated that the Act empowers SEC to take decisive action against fraudulent operators, ultimately restoring investor confidence in Nigeria’s capital markets. He added that by eliminating bad actors, the Commission aims to create a safer investment environment for Nigerians.
The signing of ISA 2025 by President Bola Ahmed Tinubu marks a major step in Nigeria’s capital market reforms, repealing the former Investments and Securities Act No. 29 of 2007. The new law aligns the country’s regulatory framework with international best practices and reinforces SEC’s authority as the primary regulator of capital markets. It also strengthens Nigeria’s compliance with global standards set by the International Organization of Securities Commissions(IOSCO).
