The Securities and Exchange Commission (SEC) has proposed a minimum paid-up share capital of N7.5 billion for Free Trade Zone Entities (FTZEs) seeking to raise funds from the Nigerian capital market.
In a circular issued by the commission, it said the draft regulations are aimed at strengthening investor confidence and setting clear eligibility requirements for companies operating within Nigeria’s free trade zones.
SEC said the proposed rules are backed by Section 95(1)(f) of the Investments and Securities Act (ISA) 2025.
“An FTZE seeking to offer or issue its shares under these Rules shall have a minimum paid-up share capital of not less than N7.5 billion.”
SEC said companies must have at least three years of operational track record, and at least two of those years must be spent operating independently within a free trade zone.
It noted that only entities licensed by recognised authorities, such as the Nigeria Export Processing Zone Authority or the Oil and Gas Free Zone Authority, will qualify.
The commission added that issuers must also meet governance, tax compliance, and continuous reporting obligations, including mandatory listing on a recognised securities exchange.
