By Peter Egwuatu
The Securities and Exchange Commission (SEC) has granted fresh approvals to three companies within the BGL Group, authorising them to resume operations across key segments of the Nigerian capital market.
The approvals, contained in separate letters issued by the Commission, covering BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited, allows the firms to operate respectively as Broker/Dealer, Issuing House, and Fund/Portfolio Manager.
In a letter signed by Mrs. Hafsat O. Rufai, Director, Registration, Exchanges and Market Infrastructure Department, SEC approved the registration of BGL Securities Limited as a Broker/Dealer, with effect from April 17, 2025.
The Commission said the approval followed the company’s successful performance at an interview conducted on November 1, 2024.
According to SEC, the registration was granted pursuant to the powers conferred on the Commission under the Investments and Securities Act (ISA) 2025 and the Rules and Regulations governing the Nigerian capital market.
The SEC also approved the registration of BGL Capital Limited as an Issuing House.
In a separate approval letter, the Commission stated that the company successfully met the regulatory requirements for registration and was granted approval to carry out Issuing House functions in the capital market with effect from November 22, 2024.
By virtue of the approval, BGL Capital Limited is authorised to provide issuing house services within the Nigerian capital market, subject to compliance with the Investments and Securities Act, SEC Rules and Regulations, and other applicable laws.
Similarly, BGL Asset Management Limited received approval from the Commission to operate as a Fund/Portfolio Manager.
SEC stated that the approval was granted under the provisions of the Investments and Securities Act and remains subject to compliance with regulatory requirements, including record-keeping obligations, submission of annual fidelity bond insurance policies, staff training requirements and periodic returns to the Commission.
With the approvals, BGL Securities Limited, BGL Capital Limited and BGL Asset Management Limited are now duly authorised to undertake their respective functions within the Nigerian capital market under the supervision of the Securities and Exchange Commission.
