SEC Reports No Defaults Since T+1 Settlement Adoption
Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), stated that there have been no defaults since the implementation of the T+1 settlement cycle. This announcement was made during an interview and communicated through Mrs. Hafsat Rufai, the Director of Registration, Exchanges, and Market Infrastructure.
Agama noted that the new settlement cycle has garnered positive feedback from both local and international investors, enhancing the competitiveness and efficiency of Nigeria's capital market. Concerns regarding the adequacy of time for investors to source funds were addressed by extending the settlement deadline from 8:00 a.m. to 5:00 p.m., allowing custodians sufficient time to meet their obligations.
The SEC transitioned from a T+3 to a T+2 settlement cycle on November 28, 2025, and then to T+1 on June 1, 2026. The T+1 cycle allows for settlements to occur the next business day, reducing risks associated with lengthy settlement periods.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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