Nigeria's Securities and Exchange Commission has given every capital market operator three days to report on its cyber defences. A circular signed by the Commission's management and dated 2 November 2026 requires all operators to complete an assessment form on the Cybersecurity Module of the SEC's e-Portal on or before 5 November.
Capital market operators are the firms the SEC registers to work in the market. The circular is addressed to all of them and asks that each submission reflect the firm's current cybersecurity risk profile. It does not say what happens to an operator that misses the deadline.
Part of a financial-sector review
The SEC says the request comes from the Inter-Agency Cybersecurity Technical Working Group of the Financial Services Regulation Coordinating Committee, the body through which Nigeria's financial regulators coordinate. According to the circular, the group is working to:
- develop a strategic cybersecurity risk management framework for the financial sector;
- conduct a sector-wide cybersecurity risk assessment;
- identify cyber threats and vulnerabilities, including emerging risks;
- develop and promote cybersecurity frameworks, standards and guidelines;
- promote information sharing among regulators, financial institutions, law enforcement and critical infrastructure operators;
- strengthen coordination and response for significant cyber incidents affecting the financial sector.
The SEC says it needs information from operators to carry out its part of that assessment. Enquiries go to a dedicated address, sec-cyber@sec.gov.ng.
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The circular does not name a trigger. It lands days after Binance said the record $6.34 billion hack on 29 October began with malware hidden in a fake job interview's coding test. It also follows the SEC's move to bring digital-asset platforms under tighter rules, including a ₦2 billion minimum capital for crypto exchanges, and a House bill this week that would fine firms ₦1bn for keeping payment data abroad.
