Circular to Capital Market Stakeholders on COVID-19

The spread of the Corona Virus (COVID-19) worldwide has created a degree of uncertainty and anxiety, as governments and health experts attempt to curtail the proliferation of the virus. The World Health Organization (WHO) had warned that given Africa’s fragile health systems, the threat posed by COVID-19 in the continent is considerable. This has led to various actions taken by the Federal and State Governments in Nigeria to curb the spread of the virus. In furtherance of its role as the apex regulator of the Nigerian capital market, the Securities and Exchange Commission hereby issues this advisory on COVID-19 and its attendant effect on market operations. The Commission enjoins all capital market stakeholders to adhere to all recent directives on safety and social distancing.  At this time, the Commission is focused on the following measures, amongst others: ensuring the continuity of its operations; monitoring market functions and systemic risks; providing regulatory flexibility and guidance to issuers, trading platforms, capital market operators and other stakeholders impacted by COVID-19; and continuation of investor protection efforts and relevant enforcement actions, Below is a summary of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19: Filing of Applications Filing of all applications, for the time being, should be made electronically to the following dedicated email addresses: