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Introduction
This edition of our Regulatory Digest provides a comprehensive overview of key policy, legislative, and regulatory developments shaping Nigeria’s dynamic economic and digital landscape. This edition highlights important updates from major government agencies including the Securities and Exchange Commission (SEC), the Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE), the National Information Technology Development Agency (NITDA), and the Nigerian Communications Commission (NCC). From the publication of Guidance for Capital Market Operators, the expiration of tax exemptions on securities and enhanced corporate governance directives to the launch of Nigeria Web Design Standards and strategic digital partnerships, these milestones reflect Nigeria’s concerted efforts to promote investor protection, digital transformation, regulatory transparency, and economic growth. The digest also highlights, in a broader African context, updates on Ethiopia’s securities market and Kenya’s evolving crypto regulatory framework.
A quick summary...
Expiration of Tax Exemption for Certain Securities
Following the expiration of the ten-year tax exemption period granted under the Companies Income Tax (Exemption of Bonds and Short-Term Government Securities) Order, 2011, SEC has announced that, effective from December 2021, interest income from various debt instruments may now be subject to tax under the Companies Income Tax Act (CITA), effective from December 2021. Affected instruments include treasury bills, promissory notes, and bonds issued by government entities, corporates, and supra-national organisations However, tax exemption on bonds issued by the Federal Government of Nigeria (FGN) remains valid under existing legislations.
What this means for investors and entities dealing with these instruments is they should expect their interest income from these instruments to be taxed. Therefore, appropriate steps for ensuring withholding tax compliance and corporate income tax reporting going forward.
SEC Issues Governance Guidance for Capital Market Operators and PLCs
Following a recent circular on board appointments and director tenure, the SEC has released a guidance note to clarify governance expectations for Capital Market Operators (CMOs) and Public Liability Companies (PLCs) in Nigeria.
The guidance targets CMOs that operate Financial Market Infrastructures (FMIs) and have been designated as Significant Public Interest Entities (SPIEs). It addresses concerns over director independence, particularly the growing practice of rotating Independent Non-Executive Directors (INEDs) into Executive Director (ED) or CEO roles within the same group—actions which the SEC warns may compromise board objectivity.
Key directives now in effect include:
These rules are mandatory for FMIs designated as SPIEs and for PLCs as guided by the Nigerian Code of Corporate Governance (NCCG) 2018. Other CMOs are encouraged to adopt these standards as best practice to strengthen governance maturity and market integrity. All affected entities are expected to review board structures, succession plans, and notify the Commission of any significant governance changes.
FMCIDE Launches Nigeria Web Design Standard
From 18-19 July, 2025, the Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) convened a two-day stakeholder workshop to unveil the Nigeria Web Design Standards (NWDS). The new framework aims at standardising design, layout, and accessibility across all government websites.
What this means for the public is that they will benefit from a unified, user-friendly, and secure online experience across all government websites, making it easier and more trustworthy to access public services and information digitally. The standardisation will reduce confusion and frustration caused by inconsistent government websites, builds greater public trust in digital government interactions, and supports more efficient and inclusive service delivery, ultimately enhancing government transparency and citizen engagement in the digital age.
FMCIDE and DBN Launch 3MTT–DBN Annual Entrepreneurship Training Programme
The FMCIDE has partnered with the Development Bank of Nigeria to launch the 3MTT–DBN Annual Entrepreneurship Training Programme. This programme will train 100,000 digital entrepreneurs, including 3MTT Fellows, on business and digital skills through online and in-person sessions across 12 states. It covers topics like finance, branding, sustainability, and using AI in business. Top participants will get a chance to compete for a ₦100 million grant to grow their businesses. The goal is to help more Nigerians build successful tech-enabled businesses and support the country’s push for 95% digital literacy by 2030.
NITDA and API Organise Workshop on Online Harm Protection Bill
NITDA partnered with Advocacy for Policy Innovations (API) in setting the stage for a 2-day stakeholder workshop on the Online Harm Protection Bill. The bill aims to protect users from online harms while safeguarding free expression. Key features of the bill include the establishment of an Online Safety Council for oversight, accountability mechanisms for digital platforms, and accessible redress systems for victims. The bill is framed as co-regulatory, involving multi-stakeholder participation—government, civil society, tech platforms, and citizens—to ensure context-specific, realistic rules that reflect Nigeria’s unique digital ecosystem. by establishing an Online Safety Council, ensuring platform accountability, .
NITDA Receives the University College London (UCL) and Discusses Partnership Strategies
The University College London paid a courtesy visit to NITDA to explore strategic partnership focused on accelerating Nigeria’s digital economy. By collaborating on digital literacy, AI-driven policymaking, smart regulation, research exchange, and startup ecosystem development, this partnership aims to build tailored, context-specific digital capabilities. The benefit of this potential partnership include enhanced digital skills, and the creation of a robust, globally connected digital ecosystem that supports sustainable economic growth and effective governance.
NCC Publishes Call for Consultation on 3 Regulations
The Nigerian Communications Commission (NCC) released three consultation papers inviting the public and industry stakeholders to submit feedback on three (3) regulations. This consultation covers key subsidiary legislations aimed at strengthening Nigeria’s telecom regulation, specifically on Licensing Regulations 2019, Enforcement Processes Regulations 2019, and the Internet Code of Practice 2019. The updates seek to clarify telecom equipment certification, streamline network infrastructure deployment, and ensure ethical advertising practices. This consultation is part of NCC’s broader commitment to regulatory transparency, enhancing service quality, consumer protection, and supporting Nigeria’s digital transformation and sustainable telecom growth. Stakeholders are encouraged to submit opinions by August 29, 2025, to help shape smarter, safer, and more efficient telecom policies for Nigeria’s future digital economy.
NDPC Partners with MDCN Partner to Secure Sensitive Health Records
The Nigeria Data Protection Commission (NDPC) and the Medical and Dental Council of Nigeria (MDCN) have partnered to strengthen data protection practices within Nigeria’s health sector. As part of the collaboration, the MDCN requested NDPC’s input on its digital health guidelines, policy development, governance framework, and capacity building for the Council’s personnel to ensure alignment with global data protection standards.
The aim of the partnership is to promote the secure, lawful, and ethical handling of sensitive medical data, mitigate risks to national security, and embed a culture of data privacy within Nigeria’s healthcare ecosystem.
FMITI Completes First‑Ever Five‑Year Review of AfCFTA Strategy
The Federal Ministry of Industry, Trade and Investment (FMITI) has concluded Nigeria’s first five‑year review of the African Continental Free Trade Area (AfCFTA) implementation strategy in July 2025. Led by FMITI in collaboration with the UNDP Regional Bureau for Africa and the AfCFTA Central Coordination Committee, the review assessed progress on trade facilitation, export readiness, industrialisation, institutional compliance and value chain strengthening. The outcome of the review provides actionable insights to refine national strategies, equip relevant ministries and the private sector with data, and chart Nigeria’s path to becoming a continental trade powerhouse within the One African Market framework
Ethiopia Launches Secondary Market for T-Bills and Equities
Ethiopia has launched a secondary market for trading treasury bills (T-bills) and equities on its newly established Ethiopian Securities Exchange (ESX), marking a historic milestone in the country’s financial sector. This launch enables investors to trade government securities and listed shares after their initial issuance, enhancing liquidity and broadening investor participation. The initiative is part of Ethiopia’s broader Home-Grown Economic Reform Agenda focused on liberalising and modernising the economy with improved regulatory frameworks, institutional capacity, and technological infrastructure. This development is expected to deepen Ethiopia’s capital markets, unlocking domestic capital for private sector growth, enhancing financial inclusion, and facilitating long-term economic expansion.
Kenya to Implement FAFT's Travel Rule in its Capital Market (Amendment) Bill
Kenya's National Treasury has proposed the Capital Markets (Amendment) Bill, 2024 which seeks to bring cryptocurrency trading under formal regulatory oversight by requiring virtual asset service providers (VASPs) to collect and disclose customer identities—including names, addresses, contact details, and transaction histories—to the Capital Markets Authority (CMA). The bill aims to align Kenya with the Financial Action Task Force (FATF) Travel Rule for anti-money laundering and counter-terrorism financing, promoting transparency and consumer protection. It mandates strict know-your-customer (KYC) and suspicious transaction reporting requirements while empowering the CMA to license and supervise crypto activities. However, challenges include increased compliance costs for crypto firms, potential privacy concerns related to customer data disclosure, and the risk that some operations might move underground or exit the market due to regulatory burdens.
The regulatory advances and initiatives outlined in this edition underscore Nigeria’s commitment to fostering a robust, transparent, and inclusive economic environment that balances innovation with investor and consumer protection. Digital economy frameworks and collaborative governance efforts demonstrate a forward-looking approach to modernisation aligned with global best practices. By engaging diverse stakeholders through consultations and partnerships, Nigeria is building capacity and infrastructure to support sustainable growth, digital literacy, and public trust. These developments position the country to harness emerging opportunities in finance, technology, and trade while addressing critical risks in governance and market integrity, ultimately advancing Nigeria’s goal of becoming a competitive and resilient player in the continental and global economy.
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