BGL Group Entities Secure SEC Re-licensing, Paving Way for Capital Market Resumption
The Nigerian capital market is set to witness the re-entry of key BGL Group entities following fresh operating license approvals from the Securities and Exchange Commission (SEC). BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited have each received the necessary authorisations to resume operations across critical segments of the market, signalling a significant regulatory clearance for the group.
These approvals, detailed in separate correspondence from the SEC, empower BGL Securities Limited to function as a Broker/Dealer, BGL Capital Limited as an Issuing House, and BGL Asset Management Limited as a Fund/Portfolio Manager. This development marks the culmination of the companies’ efforts to meet stringent regulatory registration processes and compliance requirements stipulated by the Commission, enabling their active participation in market activities.
According to a letter signed by Mrs. Hafsat O. Rufai, Director, Registration, Exchanges and Market Infrastructure Department, the SEC approved the registration of BGL Securities Limited as a Broker/Dealer, effective April 17, 2025. This decision followed the company’s successful performance during a regulatory interview conducted on November 1, 2024. The registration, granted under the Investments and Securities Act (ISA) 2025 and associated market rules, authorises the company to undertake Broker/Dealer functions, contingent upon adherence to all applicable regulations, periodic reporting, and other SEC directives.
Similarly, BGL Capital Limited has been registered as an Issuing House. The SEC’s approval letter confirms the company’s successful fulfilment of regulatory prerequisites, granting it the authority to perform Issuing House functions effective November 22, 2024. This registration was predicated on the successful outcome of regulatory interviews for the company’s sponsored individuals in November 2024. BGL Capital Limited is now authorised to provide issuing house services, subject to compliance with the ISA, SEC Rules and Regulations, and other relevant legislation.
BGL Asset Management Limited has also secured SEC approval to operate as a Fund/Portfolio Manager. Registered effective November 22, 2024, following the completion of the Commission’s registration process, the company is now empowered to conduct fund and portfolio management activities. This approval, issued under the ISA, mandates ongoing compliance with regulatory requirements, including record-keeping, annual fidelity bond insurance, staff training, and periodic returns to the SEC.
The SEC has underscored for all three entities the imperative to maintain the requisite number of registered sponsored individuals, adhere to capital market regulations, provide evidence of professional training for sponsored officers, and maintain membership in relevant trade groups. Furthermore, the companies are reminded of their annual registration renewal obligations and the necessity of promptly informing the regulator of any material changes to their submitted information. This comprehensive re-licensing positions the BGL Group entities to resume their roles within the Nigerian capital market under the SEC’s continued oversight.
