In a major regulatory turnaround, the Securities and Exchange Commission (SEC) has approved the return of BGL Group’s subsidiary firms to active participation in the Nigerian capital market.

This decision follows the granting of fresh operating licenses to BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited, effectively lifting the regulatory restrictions that had previously sidelined the prominent investment banking group from market operations.

The SEC’s approvals authorize BGL Securities Limited to operate respectively as a Broker/Dealer, BGL Capital Limited as an Issuing House, and BGL Asset Management Limited as a Fund/Portfolio Manager.

According to a letter signed by Hafsat O. Rufai, Director of Registration, Exchanges and Market Infrastructure Department at SEC, the registration of BGL Securities Limited as a Broker/Dealer is effective from April 17, 2025. This approval came after the company’s successful performance at an interview conducted on November 1, 2024.

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. BGL Securities Limited is now duly authorized to undertake Broker/Dealer functions within the Nigerian capital market, subject to compliance with applicable regulations, periodic reporting obligations, and other prescribed conditions.

Likewise, the SEC also approved the registration of BGL Capital Limited as an Issuing House, with effect from November 22, 2024. The company successfully met the regulatory requirements for registration, following the successful performance of its sponsored individuals during the regulatory interview process conducted in November 2024.

BGL Capital Limited is authorized 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. The company was granted registration with effect from November 22, 2024, following the successful completion of the Commission’s registration process.