The Nigerian Stock Exchange and the Securities and Exchange Commission each earned a total commission fee exceeding N1.45 billion in November 2025.

This strong performance was primarily driven by high trading volumes recorded across equities, Exchange Traded Products, and bonds throughout the month. Investors were notably active in various sectors, which contributed to a robust month in terms of revenue for both the SEC and NGX.

The month, however, was not favorable for investors, particularly equities investors who witnessed their total investment value depreciate by over N6.5 trillion. This staggering loss represents the worst market decline in a single month in the history of the NGX.

Investors are subject to two key regulatory charges on stock market transactions: the SEC fee and the NGX fee. The SEC fee, which is applied on buy orders, is charged at 0.3% of the transaction value and attracts an additional 7.5% VAT, resulting in an effective charge of 0.3225%. Conversely, the NGX fee applies to the sell side, also at 0.3% of the transaction value, with the same 7.5% VAT, which results in another 0.3225% charge. Together, these fees represent the statutory commissions paid to the capital market regulators for processing and supervising equity transactions on the Exchange.

Both the SEC and NGX earned significant fees from the transactions conducted during the month across equities, ETPs, and Bonds. The fee analysis focuses solely on the transaction turnover for the month under review, with the applicable VAT (which is payable to the Federal Government) intentionally excluded. Also excluded from this analysis are listing fees earned during the month, including the substantial listing of the Ministry of Finance’s N1 trillion Fund.

From equity trades alone, both the SEC and NGX each earned N1.46 billion, resulting in a combined total commission fee of N2.92 billion. Equity transactions contributed the bulk of the total fees for the month. The combined fees from ETPs and bonds further added N1.444 million to the commission revenue, marking a strong month of profit for the regulators but substantial losses to the investors.

The cumulative total commission fees for the month reached N1.66 billion. The breakdown of these commission fees for the SEC and NGX is as follows: SEC Fees included N1.46 billion from equity transactions, N538,968 from ETP transactions, and N905,172 from bond transactions. Similarly, NGX Fees included N1.46 billion from equity transactions, N538.968 from ETP transactions, and N905.172 from bond transactions.

The total equity turnover in November reached N485.589 billion. This high turnover was driven by increased trading in top stocks such as Guaranty Trust Holding Company Plc and Access Holdings Plc, alongside exceptional trade volumes on Cornerstone Insurance Plc. In the same month, ETP turnover totaled N182.691 million, and bond turnover was N301.724 million. These substantial figures indicate a healthy trading environment, reflecting investor confidence in the Nigerian capital market despite the significant rout experienced in November.

The Nigerian equities market recorded its worst monthly performance in history, shedding a staggering N6.54 trillion in market capitalization in November 2025. This loss is the steepest ever recorded since January 2013, which was when the NGX first crossed the N10 trillion mark, according to a Nairalytics analysis of market capitalization trends. This sharp selloff was largely driven by intensified profit-taking, which was itself triggered by mounting investor apprehension over the impending implementation of a 30\% Capital Gains Tax expected to commence on January 1, 2026.

With the total commission fees for both the SEC and NGX exceeding N3.32 billion in November, the outlook for the remainder of the year appears promising, not only for the regulators but also for astute investors. The sustained growth in turnover, alongside a steady demand for equities and bonds, indicates that the Nigerian capital market remains attractive to investors, offering a solid foundation for continued activity in the months ahead.