On Monday, October 19, 2026, at the National Capital Market Conference 2026 in Abuja, Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, put a direct question to the Securities and Exchange Commission (SEC): do we have an enabling law guiding the issue of token development in Nigeria? His call was for faster regulation of digital assets and tokenisation, warning that delays could cost the country emerging investment opportunities.
Here is what was said and what it means.
What happened in Abuja
The conference was where the SEC unveiled the Nigerian Capital Market Master Plan 2.0, a 10-year roadmap that aims to grow the capital market from about N250 trillion to N750 trillion by 2036. The SEC Director-General, Emomotimi Agama, also announced plans for a National Savings Scheme for traders, farmers, young graduates and other groups, with household savings channelled into investments managed by SEC-registered fund managers.
Senator Izunaso used the moment to press on tokenisation. He noted that Nigerian stakeholders are travelling abroad to explore tokenisation opportunities while the domestic regulatory process remains incomplete, and that digital assets are already being traded internationally. He also said he expects progress on the digital asset framework within a month from the presidential committee headed by the Central Bank of Nigeria governor. Beyond digital assets, he called for more listings on the Nigerian Exchange, pointing out that Nigeria has over five million registered companies but only about 151 listed firms.
Where do the rules stand today?
Nigeria is not starting from zero. The Investments and Securities Act (ISA) 2025 recognises virtual assets and strengthens the SEC's oversight of digital asset operators and exchanges. Since then, the SEC has proposed registration fees of N30 million for several categories of digital asset operators, including real-world asset tokenisation platforms, along with a minimum capital requirement of N500 million for tokenisation platforms. At its October 7 Regulator/FinTech Clinic, the Director-General said the Commission wants digital platforms to enter the market through clear pathways and is open to hearing every complaint.
According to McKinsey, tokenisation is "the process of creating a digital representation of a real thing." In asset markets, that can open the door to fractional ownership of assets such as real estate and bonds. But investor protection, disclosure standards and the legal enforceability of ownership remain essential questions.
The Master Plan 2.0 at a glance
The headline announcement at the conference was the Nigerian Capital Market Master Plan 2.0, a 10-year roadmap built to expand the capital market and mobilise long-term financing. Its target is to grow the market from roughly N250 trillion to N750 trillion by 2036. The plan aims to deepen investment participation, widen financing options and strengthen the market's role in supporting economic development.
The SEC also said it will put implementation structures in place, with defined responsibilities, timelines and performance measures. For an industry like ours, that detail matters. A roadmap is only as useful as the accountability attached to it.
SiBAN's position
SiBAN welcomes the growing conversation around tokenisation in Nigeria, including the Senator's push and the SEC's openness to it.
For us, speed and safety go together. Clear rules help serious builders operate at home, protect investors from bad actors, and keep Nigerian capital and talent from moving offshore.
We look forward to working with regulators and industry players to get this right. Three things matter most to us as the discussion continues:
- Clarity on pathways. Platforms need to know exactly how to register, what they must disclose and what they are accountable for.
- Proportionate requirements. Capital and fee thresholds should protect investors without shutting out credible local innovators.
- Real consultation. The people building and using these systems should be in the room when the rules are written.
What comes next
The coming weeks matter. If the presidential committee delivers progress on the digital asset framework, and the SEC finalises its tokenisation rules, Nigeria could move from debate to implementation. We will keep monitoring, keep engaging, and keep sharing what we learn.
If you are building, investing in or regulating in this space, we invite you to join SiBAN. Email membership@siban.org to join the association, and join our free Telegram community.
