SEC grants fresh licences to BGL firms, clears return to capital market operations
By Peter Egwuatu
The Securities and Exchange Commission (SEC) has approved the resumption of operations for three companies within the BGL Group, marking a significant development in the Nigerian capital market.
The SEC issued separate letters granting BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited the necessary permissions to operate as a Broker/Dealer, Issuing House, and Fund/Portfolio Manager, respectively.
In a letter signed by Hafsat O. Rufai, Director of Registration, Exchanges and Market Infrastructure, SEC confirmed the registration of BGL Securities Limited as a Broker/Dealer, effective April 17, 2025. This approval follows the company’s successful interview on November 1, 2024.
According to the SEC, this registration adheres to the provisions of the Investments and Securities Act (ISA) 2025, along with the governing Rules and Regulations of the Nigerian capital market.
BGL Capital Limited has also received SEC’s approval to act as an Issuing House, effective November 22, 2024. The SEC noted that the company met all regulatory requirements necessary for this designation.
With this approval, BGL Capital Limited is authorized to provide issuing house services in the Nigerian capital market in compliance with the Investments and Securities Act, SEC Rules and Regulations, and other applicable laws.
BGL Asset Management Limited has similarly been granted permission to operate as a Fund/Portfolio Manager. This approval also falls under the Investments and Securities Act and is subject to strict adherence to regulatory requirements, including record-keeping obligations and annual fidelity bond insurance policies.
With these approvals, BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited are now positioned to carry out their respective functions within the Nigerian capital market, under the oversight of the Securities and Exchange Commission.
