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FEATURED REGULATORY UPDATES

FG Establishes National Steering Committee for Lagos International Financial Centre Initiative

The Federal Government has inaugurated the National Steering Committee for the Lagos International Financial Centre (LIFC) Initiative as part of efforts to position Lagos as a globally competitive financial hub.

The Committee, inaugurated on 2 September 2026, is expected to coordinate efforts aimed at developing a globally competitive financial ecosystem and strengthening Nigeria's position within the international financial system. Its membership cuts across key government and financial-sector institutions, including the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigeria Revenue Service.

The initiative is particularly significant from a legal and regulatory perspective. The Chairman of the Nigeria Revenue Service has identified legal and regulatory issues as among the key hurdles to establishing the proposed financial centre, noting that the framework would need to operate within Nigeria's existing legal and constitutional structure.

The development signals a potential period of regulatory and institutional reforms as the Federal Government works towards creating an environment capable of attracting international capital, financial services businesses and investment.

SEC Proposes New Rules for Online Forex Trading and Contracts for Difference

The Securities and Exchange Commission (SEC) has released proposed Rules on Online Forex Trading and Contracts for Difference (CFDs), marking a move towards more structured regulatory oversight of online retail forex activities in Nigeria.

The proposed Rules would apply to persons offering online forex trading services to residents of Nigeria, whether operating through platforms incorporated in Nigeria or from outside Nigeria while targeting Nigerian residents. The categories covered include introducing brokers, online forex brokers or broker-dealers, and technology and platform providers.

The proposed framework also contemplates minimum capital requirements for regulated operators and additional requirements relating to the operation of online forex platforms. Reports on the proposal indicate that the SEC is seeking significantly higher capital thresholds for certain categories of operators, reflecting its intention to strengthen market oversight and investor protection.

If adopted, the framework could have significant implications for both Nigerian and offshore platforms providing online forex and CFD services to Nigerian residents. Businesses operating within this space should monitor the consultation process and assess the potential licensing and compliance implications of the proposed regime.

Status: Proposed Rules. Not yet a binding regulatory requirement.

NERC Issues September 2026 MYTO Orders and Energy Caps

The Nigerian Electricity Regulatory Commission (NERC) has issued its September 2026 Multi-Year Tariff Order (MYTO), alongside the September 2026 monthly energy caps applicable within the electricity market.

NERC's September MYTO was issued on 2 September 2026, while the monthly energy caps were issued on 1 September 2026. The Commission's current regulatory publications indicate that the orders establish the applicable monthly regulatory parameters for the electricity distribution companies.

The monthly energy caps form part of the Commission's ongoing regulation of electricity supply and distribution, while the MYTO framework provides the basis for determining applicable electricity tariffs and other key market parameters.

The latest orders continue NERC's monthly regulatory interventions as the Nigerian electricity market evolves and the Commission works to strengthen market discipline, transparency and performance monitoring.

Electricity market participants, distribution companies and businesses with significant electricity exposure should continue to monitor the monthly regulatory orders for changes affecting their operations and commercial arrangements.

NUPRC Reports 172 Host Communities Development Trusts Incorporated

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that 172 Host Communities Development Trusts (HCDTs) have so far been incorporated by oil and gas companies operating as settlors.

The development forms part of the implementation of the host community provisions of the Petroleum Industry Act (PIA), which established Host Communities Development Trusts as a mechanism for supporting the development of communities impacted by upstream petroleum operations.

The incorporation of the Trusts represents continued progress in institutionalising the host community framework within Nigeria's upstream petroleum sector. Under the PIA, settlors are required to contribute 3% of their actual annual operating expenditure from the preceding financial year towards the applicable Host Communities Development Trust.

Beyond the incorporation of the Trusts themselves, the development places continued emphasis on governance, funding, accountability and the proper administration of host community development obligations.

For upstream operators, the implementation of the HCDT framework remains an important area of regulatory compliance, particularly in relation to the establishment and governance of the Trusts and the fulfilment of statutory funding obligations.

NCAA Updates List of Certified Heliports in Nigeria

The Nigeria Civil Aviation Authority (NCAA) has issued an updated List of Certified Heliports in Nigeria, with the current update issued on 3 September 2026. The publication is categorised as a regulatory document and is marked as currently effective.

The NCAA's publication reiterates the requirement under Part 12.1.1.7(a) of the Nigeria Civil Aviation Regulations (Nig. CARs) 2023, Volume II, that helicopters must not operate at heliports that are not certified.

The updated list is therefore relevant to helicopter operators, aviation service providers, businesses operating or using offshore and private aviation facilities, and other stakeholders whose operations involve helicopter movements.

Operators and businesses relying on specific heliports should ensure that the facilities they use remain on the NCAA's current list of certified heliports and that their operations continue to comply with applicable aviation safety and certification requirements.

Key takeaway: The NCAA's updated publication provides an important compliance reference for stakeholders involved in helicopter operations in Nigeria.

Nigeria Moves to Establish New Ports Economic Regulator

The regulatory structure of Nigeria’s maritime sector is undergoing a significant change following the enactment of the Nigerian Ports Economic Regulatory Agency (NPERA) Act, 2026.

The legislation provides for the establishment of NPERA as the economic regulator for Nigeria’s ports sector, with the Nigerian Shippers’ Council transitioning into the new regulatory framework. The development is intended to create a clearer institutional structure for the economic regulation of port activities and strengthen oversight of commercial aspects of the sector.

The Federal Government has subsequently directed the Nigerian Ports Authority (NPA) to assume certain Inland Dry Port functions previously handled by the Nigerian Shippers’ Council, as part of the broader restructuring of responsibilities within the ports sector.

The emergence of NPERA is particularly relevant to port operators, concessionaires, shipping companies, logistics businesses and other stakeholders involved in Nigeria’s maritime and trade ecosystem. The new regulatory structure could affect areas including port tariffs, competition, concessions, economic regulation and the relationship between port users and regulatory authorities.

Businesses operating within the maritime sector should therefore monitor the implementation of the NPERA framework and any subsequent regulations, guidelines or institutional directives issued as the new regulatory architecture takes effect.