Despite record-breaking turnover across equities, ETPs and bonds, investors suffered ₦6.5tn losses amid historic November market crash.
The Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX) each generated more than ₦1.45 billion in commission fees in November 2025, driven by a surge in trading activity across equities, Exchange Traded Products (ETPs), and bonds.
The strong revenue performance came amid heightened participation from investors across multiple sectors, even though the month ended disastrously for equity holders, who collectively lost more than ₦6.5 trillion, the steepest single-month market decline in NGX history.
Regulatory fees that drive transactions
Capital market investors are charged two primary regulatory fees on their transactions.
- SEC fee: applied on buy orders at 0.3%, plus 7.5% VAT, bringing the effective rate to 0.3225%.
- NGX fee: applied on sell orders at 0.3%, also attracting 7.5% VAT, making another 0.3225% charge.
These statutory charges cover transaction processing and supervisory functions carried out by capital market regulators.
Where the commissions came from
Both the SEC and NGX earned substantial fees strictly from November’s transaction turnover, excluding VAT which is remitted to the Federal Government and excluding listing charges such as those associated with the Ministry of Finance Incorporated’s ₦1 trillion MOFI Fund.
Equities:
- SEC: ₦1.46 billion
- NGX: ₦1.46 billion
Total equity commission: ₦2.92 billion
ETPs and Bonds:
Combined commissions: ₦1.444 million, reflecting additional revenue from non-equity trades.
Total commission fees for November: ₦1.66 billion per regulator, amounting to more than ₦3.32 billion combined.
Breakdown of SEC and NGX charges
SEC revenue:
- Equities: ₦1.46 billion
- ETPs: ₦538,968
- Bonds: ₦905,172
NGX revenue:
- Equities: ₦1.46 billion
- ETPs: ₦538,968
- Bonds: ₦905,172
Turnover surged despite market rout
Equity turnover in November hit ₦485.589 billion, powered by high volumes in major counters such as Guaranty Trust Holding Company Plc, Access Holdings Plc, and heavy trades on Cornerstone Insurance Plc.
ETP turnover reached ₦182.691 million, while bond turnover closed at ₦301.724 million, underscoring strong activity despite the turbulent market.
Nevertheless, November 2025 marked the worst monthly performance ever recorded in the Nigerian equities market.
A ₦6.54 trillion contraction in market capitalization, the largest since January 2013, when the market first crossed the ₦10 trillion threshold, followed an aggressive selloff sparked by fears over the impending 30% Capital Gains Tax (CGT) scheduled to take effect on January 1, 2026.
What lies ahead for regulators and investors
With combined commission earnings topping ₦3.32 billion in a single month, analysts say the outlook for both the SEC and NGX remains favourable, supported by strong turnover and sustained investor interest across asset classes.
Despite November’s rout, the depth of activity in equities and fixed-income instruments suggests continued resilience in the capital market heading into year-end, providing fresh opportunities for investors and stable revenue prospects for regulators.
