SEC Grants Approval-in-Principle For New Securities Exchange, Contisx 

By Yahaya Umar

Nigeria’s Securities and Exchange Commission ,SEC, has granted Approval-in-Principle ,AIP, for the establishment of Contisx Securities Exchange Plc, a new full-service securities exchange targeting a September 2026 launch.

The development was disclosed by the Founder of Contisx, Prof. Ndubuisi Ekekwe, in a statement shared via his verified X handle on Monday, April 20, 2026.

The proposed exchange is positioned to deepen capital formation, broaden investor participation, and expand Nigeria’s capital market beyond its current structure.

 The new platform is expected to support public and private markets, as well as derivatives trading across instruments such as equities, corporate and government bonds, commercial papers, and exchange-traded funds.

This development comes as Nigeria’s equities trading segment is largely dominated by the Nigerian Exchange Limited, with limited alternatives such as NASD for over-the-counter transactions.

The founder said the proposed exchange is built on the principle of “investment inclusion”, aimed at mobilising idle capital across the Nigerian economy. He noted that a significant volume of cash remains outside the formal financial system, limiting its productive use.

“If we can channel even 50% of that into simple sovereign instruments at about 10%, that would generate roughly N250 billion in returns for citizens, while also providing the government with capital to fund development”, Ekekwe said. 

“We have begun the countdown to launch on our website: contisx.com — targeting September 2026. We are inviting stakeholders across Nigeria to participate in this journey”.

“The live buttons on the website are not active; those will become active on launch”.

He added that scaling participation across instruments such as subnational bonds reinforces the argument that Nigeria’s challenge lies more in capital mobilisation than capital availability.

According to the founder, the exchange has commenced pre-launch activities, with plans to establish its headquarters in Owerri and regional centres in key commercial cities such as Aba, Kano, and Ibadan.

The rollout strategy reflects a decentralised approach aimed at increasing access to capital markets across different regions.

Contisx is designed to provide an alternative platform for businesses, cooperatives, and state governments to raise capital.

The exchange will cater to a wider pool of investors, including those traditionally excluded from formal investment channels.

It aims to complement existing market infrastructure while introducing competition and innovation.

Ekekwe also highlighted the importance of regulatory reforms, noting that the recently enacted Investments and Securities Act 2025 provides a strong foundation for the exchange’s operations and broader market development.

This is the first time a parallel Securities Exchange dealing on equities trading and other instruments is being granted a licence to operate side-by-side with the NGX, reinforcing the regulator’s push for repositioning Nigeria’s capital market to mobilise long-term capital for wealth creation and bridging the huge infrastructure deficit.

The Approval-in-Principle granted by the SEC represents an early-stage regulatory clearance, allowing Contisx to proceed with final operational, technological, and compliance requirements before securing a full license.

The AIP stage is critical in determining the readiness of the exchange to operate within Nigeria’s regulatory framework.

Nigeria’s capital market has historically been dominated by a single primary exchange, limiting competition.

The entry of new platforms like Contisx is expected to drive innovation and expand access to investment products.

Increased competition could improve efficiency, transparency, and investor confidence in the market.

Ekekwe expressed optimism that the next decade could mark a turning point for capital formation in Nigeria, positioning new exchanges like Contisx as catalysts for inclusive economic growth.