The Securities and Exchange Commission has officially permitted three BGL Group subsidiaries to restart their operations in the Nigerian capital market. Formal letters from the regulator confirm that BGL Securities Limited, BGL Capital Limited, and BGL Asset Management Limited are cleared to function as a Broker/Dealer, Issuing House, and Fund/Portfolio Manager, respectively.
This decision marks the firms’ reentry into the market after fulfilling mandatory registration and compliance benchmarks. Mrs. Hafsat O. Rufai, Director of the Registration, Exchanges and Market Infrastructure Department, signed the approvals. The authorizations were granted under the Investments and Securities Act of 2025.
BGL Securities Limited received its Broker/Dealer license effective April 17, 2025, following a successful regulatory interview held in November 2024. Simultaneously, BGL Capital Limited was approved as an Issuing House starting November 22, 2024, after its sponsored individuals passed the necessary evaluations. BGL Asset Management Limited was also granted its license on November 22, 2024, to conduct fund and portfolio management.
These entities must strictly adhere to ongoing regulatory obligations. This includes maintaining the required number of sponsored professionals, submitting periodic financial returns, providing annual fidelity bond insurance, and participating in relevant trade associations. The SEC also reminded the firms that they must renew their registrations each year and report any significant changes to their business structure immediately.