Introduction

In the dynamic landscape of private equity, regulatory frameworks serve as the bedrock for investor confidence, market integrity, and sustainable growth. In recognition of the importance of robust regulations, the government body established as the principal regulator of the capital markets in Nigeria, the Securities and Exchange Commission (the “SEC”), issued an exposure draft of new and sundry amendments to the SEC rules and regulations of 2013 (as amended) (the “SEC Rules”) on 8 December 2023, including proposed amendments to the rules on private equity funds (the “Proposed Rules”).

The SEC Rules make provisions for the regulation of private equity funds in Nigeria, with a minimum commitment of N1 billion investors’ funds . Save for the amendments to the registration fee for private equity funds and the provision of Form SEC QR8 in respect of filing quarterly return for private equity funds pursuant to the new rules and amendments to the SEC Rules issued by the SEC on 23 December 2019, no amendment or new provision has been issued or proposed in respect of private equity funds by the SEC until the Proposed Rules.

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This article first appeared in AVCA LEGAL & REGULATORY BULLETIN, in (April/2024). For further information, please go to avca.africa/data-intelligence/research-publications/