SEC, NGX Post N3bn Commissions Despite Historic Market Drop
In November 2025, despite a historic slump on the bourse, Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX) pulled in over ₦3 billion in commission fees a striking show of resilience amid market turmoil.
The month saw the NGX market bleed roughly ₦6.54 trillion in market capitalisation, as investors offloaded assets amid concerns over interest rates and a looming capital‑gains tax.
The all‑share index (ASI) tumbled by nearly 6.9%, reflecting widespread sell‑offs.
Yet, the ability of NGX and SEC to generate significant fee income points to a deeper structural reality: even during bearish phases, markets continue to see meaningful trading volume, IPOs, listings, and regulatory‑driven activity.
Over ₦3 billion commission “came despite historic losses,” underlining that fee‑based revenue streams at SEC and NGX are not strictly tied to market valuations.
Market watchers argue this paints a dual‑edged picture — while the slide in valuations underscores investor anxiety over economic and policy headwinds, the strong commission revenue suggests the capital‑market infrastructure remains active and engaged.
For regulators and exchange operators, this could reinforce the case for continued reforms and efforts to broaden market participation.
In sum: November’s carnage may have erased trillions in investor wealth, but in the background, the capital‑market machinery powered on — and regulators and operators still managed to come out profitable.
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