Izunaso challenges SEC to speed up tokenisation rules as Nigeria targets N750 trillion market

Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, has asked the Securities and Exchange Commission (SEC) to accelerate regulations for digital assets and tokenisation. He warned that delays could cost Nigeria emerging investment opportunities.

Izunaso spoke on Monday at the National Capital Market Conference 2026 in Abuja. At the event, the SEC unveiled the Nigerian Capital Market Master Plan 2.0, a 10-year roadmap to expand the capital market and mobilise long-term financing.

Tokenisation rules still incomplete

Izunaso questioned Nigeria’s readiness for the international tokenisation market. He said Nigerian stakeholders were travelling abroad to explore tokenisation opportunities while domestic regulatory processes remained incomplete.

“Do we have an enabling law guiding the issue of token development in Nigeria?” he asked. He urged the SEC and other authorities to accelerate their work, noting that digital assets were already traded internationally. He also referred to a presidential committee headed by the Central Bank of Nigeria governor and said he expected progress on the digital asset framework within a month. He raised concerns about delays affecting land and asset tokenisation. The wording of that portion of his remarks was unclear.

Nigeria has already taken legislative steps. The Investments and Securities Act 2025 recognises virtual assets and strengthens SEC oversight of digital asset operators and exchanges. In April 2025, the law was reported to provide a clearer legal foundation for regulating cryptocurrencies and other virtual assets as securities.

In August 2026, the SEC proposed registration fees of N30 million for several categories of digital asset operators, including real-world asset tokenisation platforms. Under the proposal, tokenisation platforms would face a minimum capital requirement of N500 million. Tokenisation represents ownership rights in assets through digital tokens on a blockchain or similar technology. It can support fractional ownership of assets such as real estate and bonds, but investor protection and legal enforceability remain important.

At the SEC’s October 7, 2026 Regulator/FinTech Clinic, Director-General Emomotimi Agama emphasised clear regulatory pathways. “We want the digital platforms to enter the market through clear pathways.” “We do not want to gag anyone, but we are open to listening to every complaint.”

Listing gap and market roadmap

Beyond digital assets, Izunaso called for more companies to list on the Nigerian Exchange, particularly NNPC Limited and major telecommunications firms. He said Nigeria had more than five million registered companies but only about 151 listed firms. Additional listings, he said, would allow Nigerians to own stakes in major businesses and expand domestic investment opportunities.

The Master Plan 2.0 targets expansion of the capital market from approximately N250 trillion to N750 trillion by 2036. Agama announced plans for a National Savings Scheme targeting traders, farmers, young graduates and other groups. The scheme would channel household savings into productive investments managed by SEC-registered professional fund managers. The SEC also plans implementation structures with defined responsibilities, timelines and performance measures. Agama has warned that a shortage of credible issuers could inflate existing asset prices rather than deepen the market.

Other capital market developments included Taiwo Oyedele pushing for NNPCL and NLNG listing to boost transparency and wealth creation; the NGX losing N1.47 trillion in a single day as Dangote Cement and banking stocks slid; and Nigeria targeting a N750 trillion capital market as Shettima unveiled a 10-year roadmap.

What it means for investors

The push for tokenisation regulation is part of wider efforts to broaden investment opportunities and attract capital into productive assets. Faster implementation must also address fraud, inadequate disclosures, investor protection and the enforceability of ownership rights. The immediate challenge for regulators is to provide sufficient clarity for market participants while maintaining safeguards for investor confidence and sustainable market development.