In November 2025, the Nigerian Stock Exchange (NGX) and the Securities and Exchange Commission (SEC) earned a total commission fee exceeding N1.45 billion each.
This strong performance was driven by high trading volumes across equities, Exchange Traded Products (ETPs), and bonds.
Investors were active in various sectors, contributing to a robust month for both the SEC and NGX.
However, the month was not as good for investors, particularly equities investors who saw their investment depreciate by over N6.5 trillion, the worst market decline in a single month in NGX history.
Key regulatory charges on market transactions
Investors pay two key regulatory charges on stock market transactions: the SEC fee and the NGX fee. The SEC fee, applied on buy orders, is charged at 0.3% of the transaction value, and it attracts an additional 7.5% VAT, bringing the effective charge to 0.3225%.
On the sell side, the NGX fee also applies at 0.3% of the transaction value, with the same 7.5% VAT, resulting in another 0.3225% charge. Together, these fees represent the statutory commissions paid to the capital market regulators for processing and supervising equity transactions on the Exchange.
Commission fees from key transactions
Both the SEC and NGX earned significant fees from the month’s transactions on equities, ETP, and Bonds. The fees applied only to the transaction turnover for the month under review, with applicable VAT (which is payable to the Federal Government) excluded from our analysis. Also excluded are listing fees earned during the month, including the listing of the Ministry of Finance’s (MOFI) N1 trillion Fund.
- Equity Transactions: Both SEC and NGX, each earned N1.46 billion adding up to N2.92 billion in total commission fees from equity trades alone which contributed the bulk of the total fees for the month.
- ETP and Bonds: The fees from ETPs and bonds combined added a further N1.444 million to the revenue from commissions, marking a strong month of profit for the regulators but losses to the investors.
- Total commission fees: N1.66 billion
SEC and NGX fees breakdown
The commission fees were broken down as follows:
SEC Fees:
- From equity transactions: N1.46 billion
- From ETP transactions: N538,968
- From bond transactions: N905,172
NGX Fees:
- From equity transactions: N1.46 billion
- From ETP transactions: N538.968
- From bond transactions: N905.172
Cumulative transaction values soar in November
The equity turnover in November alone reached N485.589 billion, driven by increased trading in top stocks like Guaranty Trust Holding Company Plc and Access Holdings Plc, with exceptional trade volumes on Cornerstone Insurance Plc.
In the same month, however, ETP turnover totalled N182.691 million, and bond turnover was N301.724 million. These substantial figures indicate a healthy trading environment, reflecting confidence in the Nigerian capital market despite the November rout.
The Nigerian equities market experienced its worst monthly performance in recorded history, shedding a staggering N6.54 trillion in market capitalization in November 2025, the steepest loss ever recorded since January 2013, when the NGX first crossed the N10 trillion mark, according to a Nairalytics analysis of market capitalization trends.
The sharp selloff was largely driven by intensified profit-taking triggered by mounting investor apprehension over the impending implementation of a 30% Capital Gains Tax (CGT) expected to commence on January 1, 2026.
The Road Ahead for SEC and NGX
With total commission fees for both the SEC and NGX exceeding N3.32 billion in November, the outlook for the remainder of the year looks promising, not only for regulators but also for astute investors.
The sustained growth in turnover, alongside a steady demand for equities and bonds, indicates that the Nigerian capital market remains attractive to investors, offering a solid foundation for continued activity in the months ahead.
