The Securities and Exchange Commission (SEC) has granted fresh approvals to three companies within the BGL Group, authorising them to resume operations in key segments of the Nigerian capital market.
The approvals, contained in separate letters issued by the Commission, cover BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited, enabling them to operate as Broker/Dealer, Issuing House, and Fund/Portfolio Manager, respectively.
According to the SEC, BGL Securities Limited was registered as a Broker/Dealer with effect from April 17, 2025. The approval was conveyed in a letter signed by the Director of the Registration, Exchanges and Market Infrastructure Department, Mrs. Hafsat O. Rufai.
The Commission stated that the approval followed the company’s successful performance at a regulatory interview conducted on November 1, 2024. It added that the registration was granted pursuant to the provisions of the Investments and Securities Act (ISA) 2025 and the SEC Rules and Regulations governing the Nigerian capital market.
In a separate letter, the Commission approved the registration of BGL Capital Limited as an Issuing House, effective November 22, 2024, after the company satisfied the prescribed regulatory requirements.
The approval authorises BGL Capital Limited to provide issuing house services in the Nigerian capital market, subject to compliance with the Investments and Securities Act, SEC Rules and Regulations, and other applicable laws.
Similarly, SEC granted BGL Asset Management Limited approval to operate as a Fund/Portfolio Manager under the provisions of the Investments and Securities Act.
The Commission noted that the approval remains subject to compliance with regulatory obligations, including record-keeping requirements, submission of annual fidelity bond insurance policies, staff training, and periodic statutory returns.
With the latest approvals, BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited are now authorised to undertake their respective functions in the Nigerian capital market under the regulatory oversight of the Securities and Exchange Commission.
