Nigeria’s Securities and Exchange Commission, SEC, and Rwanda’s Capital Markets Authority, CMA, have signed a Memorandum of Understanding to boost regulatory cooperation and accelerate capital market growth across Africa.
The MoU was signed in Abuja on Monday, June 22, 2026. Key officials present included SEC Director-General Dr. Emomotimi Agama, SEC Executive Commissioners Hajia Samiya Usman and Mr. Bola Ajomale, and CMA Rwanda CEO Mr. Romeo Ngaranbe with his Executive Assistant Stella Karekezi.
The agreement commits both regulators to work together on investor education, market development, exchange of regulatory information, capacity building, technical support, and joint enforcement and supervision.
Dr. Agama said African regulators must harmonize rules and promote cross-border investments to unlock the continent’s economic potential. He described capital markets as the “nerve centre” of development and a vital tool for funding long-term infrastructure and wealth creation.
“The time is now for us to look inwards. We need to cooperate in Africa, invest in each other’s markets and grow our continent,” Agama said. He added that Nigeria’s more mature market can share lessons to help expand opportunities and new products across the region.
CMA Rwanda CEO Ngaranbe called the pact a strategic move for Rwanda’s market. He noted that Rwanda hopes to learn from Nigeria’s growth trajectory to strengthen its own exchange.
The deal reflects a wider push by African regulators to improve financial integration, increase intra-African investment flows, and use capital markets to drive economic transformation.
