No default since adoption of T+1 settlement – SEC
The SEC reports no defaults since Nigeria adopted the T+1 settlement cycle, citing improved investor feedback and adequate time for fund sourcing.Summary
The Securities and Exchange Commission (SEC) has confirmed that the adoption of the one-day transaction settlement cycle, known as T+1, is proceeding smoothly in Nigeria's capital market, with no defaults recorded due to a lack of funds. SEC Director-General Dr. Emomotimi Agama disclosed this in an interview, noting that the reform has received positive feedback from both local and international investors, enhancing the market's competitiveness and efficiency. The decision to move the settlement deadline from 8:00 a.m. to 5:00 p.m. was made to provide custodians and market participants with adequate time to meet their obligations, addressing concerns about sourcing funds across different time zones. Agama explained that the T+1 cycle means settlement occurs on the following business day, allowing investors to receive their securities or cash sooner and reducing risks associated with lengthy settlement periods. The market transitioned from T+3 to T+2 on November 28, 2025, and to T+1 on June 1, 2026, as part of efforts to modernize the market and increase liquidity.
(Source：Daily Trust)