Regulators urged to ensure effective ISA 2025 implementation for stronger capital market

President of the Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude, has called on capital market regulators to ensure the efficient, impartial and strategic implementation of the Investments and Securities Act (ISA) 2025 to unlock sustainable growth in Nigeria’s capital market.

Igbrude made the call while speaking at the 2025 annual conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos. He said the success of the new law depends largely on the capacity of regulators to enforce its provisions independently and professionally, without stifling legitimate market activities.

According to him, the Securities and Exchange Commission (SEC) must strike a careful balance between firm oversight and operational flexibility, allowing market operators to function freely while upholding strict standards of compliance, transparency and corporate governance.

He stressed that regulators must also develop the technical and institutional capacity to manage the full scope of ISA 2025, covering both emerging areas such as digital assets and traditional investment instruments. This, he noted, would ensure that the law is not treated as a short-term regulatory tool but embedded in long-term strategic planning for market development.

Igbrude further underscored the need for strong market infrastructure, advocating the creation of a fully integrated and synchronised ecosystem to support seamless operations. He envisioned a one-stop platform that would enable investors, operators and regulators to interact efficiently from the start to the completion of transactions, thereby eliminating bottlenecks, improving transparency and boosting investor confidence.

On investor protection, the ISAN president emphasised the importance of safeguarding the interests of minority and core shareholders, describing it as critical to deepening participation in the market. He called for mandatory representation of minority shareholders on corporate boards, arguing that such inclusion would strengthen governance, curb abuse and promote fairness in decision-making.

Beyond regulation and infrastructure, Igbrude highlighted the role of education, awareness and collaboration among all stakeholders in ensuring effective implementation of ISA 2025. He said investors must understand their rights, while operators and regulators must recognise their responsibilities and demonstrate the competence required to uphold the law.

He concluded that only through deliberate and coordinated action – anchored on independent regulation, capacity building, robust infrastructure and strong investor protection – can Nigeria build an efficient, transparent and inclusive capital market capable of driving long-term economic growth and competing effectively on the global stage.