Introduction
The enactment of the Investment and Securities Act (ISA), 2025 marks a significant shift in Nigeria’s capital market regulatory framework. While a substantial proportion of its provisions were retained from the ISA 2007, the 2025 Act introduces stricter compliance thresholds, heavier sanctions, and expanded supervisory functions for the Securities and Exchange Commission (SEC). The new regime aims to enhance market integrity, protect investors, and further align Nigeria’s securities market with international best practices. Yet, as the regulatory “noose” tightens, there remains an open question – will these stricter measures stimulate investor confidence in the market, or will they stifle market participation? These will form the basis of this article.