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The Nigerian Capital Market Regulator, the Securities and Exchange Commission (SEC) has, through its Rules on Crowdfunding (the “Guidelines”), on 21 January 2021 published updated rules regulating the use of crowd funding activities in Nigeria. This comes after an earlier issuance of draft guidelines in May 2020.

The Guidelines seek to protect the public when investing in crowd funding platforms and highlight the requirements that online platforms must adhere to, particularly for the funding of Micro, Small and Medium Enterprises (MSMEs).

In this newsletter, we examine key aspects of the Guidelines and how it affects various players in the crowdfunding sector .

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