SEC fixes timeline for T+1 settlement deadline in Nigeria’s capital market

Nigeria’s Securities and Exchange Commission, SEC, has fixed 5:00 pm on the first business day after trading as the settlement deadline for eligible equities and commodities.
SEC disclosed this in a circular on Wednesday to all capital market operators in Nigeria.
The Commission explained that the measure formed part of the implementation of the T+1 settlement cycle in Nigeria’s capital market, which began on June 1, 2016.
Under the T+1 framework, eligible securities transactions are settled one business day after the trade date to shorten the settlement period.
“Accordingly, all transactions in the affected securities must be fully paid by 5:00 p.m. T+1,” the Commission stated.
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