By Nwafor Sunday, Online News Editor
The Securities and Exchange Commission (SEC) has said it is reviewing submissions received from stakeholders on its proposed rules for online foreign exchange and contracts for difference (CFD) trading in Nigeria.
The Commission disclosed this on Wednesday at the opening of the second Africa Forex Trading Expo (AFTE) 2026, held at the Balmoral Convention Centre, Victoria Island, Lagos.
In a keynote address, the SEC said the Investments and Securities Act, 2025, specifically Section 3(3)(o), empowers it to register and regulate online forex trading activities, platforms and intermediaries.
It said the draft rules had been released for public comments, adding that the responses received were being reviewed by different departments within the Commission.
According to the SEC, the proposed framework defines the entities required to register, the activities they are permitted to undertake and their obligations to customers.
It also addresses cross-border arrangements and offshore operators whose activities target Nigerian residents, subject to applicable laws.
The Commission cautioned investors against confusing easy access to online trading platforms with the safety or quality of the investments offered.
“Accessibility should not be confused with safety, and technological sophistication should not be mistaken for investment quality,” it said.
The SEC noted that the ability to open an account and place a trade did not necessarily mean an investor understood leverage, transaction costs or the possibility of losing the entire amount invested.
It identified five priorities underpinning its proposed regulatory approach: a clear framework for market participation; fitness, competence and financial soundness of operators; transparency and fair treatment of clients; protection of client funds and effective complaint handling; and effective supervision and enforcement.
The Commission stressed that registration alone would not guarantee continued compliance, noting that “registration is not a substitute for ongoing supervision.”
It urged investors to be wary of claims of guaranteed profits or unusually high returns with little or no risk, unsolicited investment offers and unverified trading platforms.
Investors were also advised to confirm the regulatory status of platforms through the SEC’s official channels.
For operators, the Commission called for compliance to be built into business models from the outset, greater attention to investor interests in product design and distribution, investment in cybersecurity and market-integrity technology, stronger cooperation with regulators and the development of African expertise and institutions.
‘Credibility more important than market size’
Opening the Expo, Zack Kiratu, Director of organiser Azelia Expo Ltd, said the growth of the forex and online trading industry must be matched by greater responsibility.
He identified financial literacy, unrealistic expectations, poor risk management, questionable marketing practices and consumer protection as some of the issues requiring attention.
“A bigger market is important, but a more credible market is even more important,” Kiratu said.
He identified innovation, trust and opportunity as essential elements for the development of Africa’s digital financial markets, urging the continent to move beyond being a consumer of financial products to participating actively in their design.
“Africa’s digital finance revolution is not something we should merely observe. It is something we must actively participate in and help shape,” he said.
The Expo is holding under the theme, “Africa’s Digital Finance Revolution: Trading, Technology and Opportunity.”
FundingPips highlights trading opportunities
In its opening keynote, presenting sponsor FundingPips said its mission was to bridge the gap between trading talent and access to capital.
The proprietary trading firm cited more than $330 million in payouts, over three million traders and operations in more than 195 countries.
It also said five Nigerian traders had received nearly half a million dollars in payouts. The figures were provided by the company.
The presentation urged traders to prioritise discipline and risk management, noting that success did not depend on winning every trade but on survival, consistency and effective risk control.
“Hustle gets you into the game. Discipline keeps you in the game,” it said.
Workshops emphasise discipline, risk management
Workshops and masterclasses held alongside the main programme also focused on responsible trading practices.
Exinity (FXTM) Client Education Specialist, Pius Ogbu, in a masterclass titled, “From Strategy to Execution,” examined the difference between a trading plan and a trading strategy.
He emphasised the need for traders to define their entry points, stop-loss levels, targets and trade-management rules before entering the market.
The session stressed that traders could not consistently execute rules they had not clearly defined.
Similarly, Spark FX Academy founder, Citadel Egigba, led a workshop titled, “Beyond the Candlesticks,” which examined market structure, liquidity and points of interest through a live chart demonstration.
The workshop emphasised that the best trading decision was not necessarily to enter a market.
The Expo continues on Thursday, November 12, with panel discussions on “Nigeria: Africa’s Fastest Growing Digital Trading Economy,” “Women Shaping Africa’s Financial Future” and “Why Most Forex Traders Struggle.”
Further masterclasses will focus on risk management and strategy validation.
The closing keynote and ceremony, scheduled for 3pm, will feature competition awards, recognition of sponsors and organisers, and the announcement of AFTE Kenya 2027.
The organisers expect more than 5,000 attendees, over 50 speakers and more than 60 exhibitors from over 20 countries.
Sponsors include FundingPips, the presenting sponsor, Headway and FXTM, while exhibitors include the SEC Nigeria, Purity Capital, LuliFiber, iQuoto, Spark FX Academy, ABM Funded, Afro Money Week, Gold Dragon FX, Thaurus Guru, MoroSystems and RebateBoard.
The Africa Forex Trading Expo is a continental financial markets and technology event that brings together traders, brokers, fintech innovators, cryptocurrency exchanges, investors, financial educators and industry leaders across the foreign exchange, cryptocurrency and wider digital finance sectors.
Organised by Azelia Expo Ltd, the event seeks to promote financial literacy and informed participation in Africa’s digital finance sector.
