SEC grants fresh licences to BGL firms, clears return to capital market operations

The Nigerian capital market is set to see the return of three key companies within the BGL Group, following fresh approvals granted by the Securities and Exchange Commission (SEC). The regulatory body has issued new licenses to BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited, authorizing them to resume operations in crucial segments of the market.

BGL Securities Limited has been approved to operate as a Broker/Dealer, with the SEC's letter of approval specifying an effective date of April 17, 2025. This decision came after the company successfully navigated an interview process conducted on November 1, 2024. The registration was granted under the powers vested in the SEC by the Investments and Securities Act (ISA) 2025 and associated market rules.

Similarly, BGL Capital Limited received SEC's approval to function as an Issuing House. The Commission stated that the company met all necessary regulatory requirements for registration, enabling it to carry out issuing house services within the Nigerian capital market effective November 22, 2024. This authorization is contingent upon continued adherence to the ISA, SEC Rules and Regulations, and other relevant laws.

BGL Asset Management Limited also secured SEC's approval to operate as a Fund/Portfolio Manager. This approval, granted under the Investments and Securities Act, is subject to ongoing compliance with regulatory mandates. These include stringent record-keeping obligations, the submission of annual fidelity bond insurance policies, adherence to staff training requirements, and the submission of periodic returns to the Commission. With these renewed licenses, the three BGL Group companies are now officially authorized to conduct their respective businesses under the SEC's supervision.