Nigeria’s Securities and Exchange Commission has rarely sent a clearer signal than it did with its January 2026 revision of minimum capital requirements for capital market operators. The new thresholds are not marginal tweaks but a structural reset. Brokers that once needed ₦200 million must now hold ₦600 million, full-scope broker-dealers jump from ₦300 million to ₦2 billion, and Tier-1 fund managers see requirements surge from ₦150 million to ₦5 billion, with an added rule tying capital to assets under management above ₦100 billion. These are eye-catching numbers, but they reflect how far the market has evolved since 2015. Trading volumes are larger, products more complex, and financial linkages deeper. The SEC’s message is straightforward: a market that wants credibility, resilience, and global relevance cannot be built on thin capital buffers. Institutions that intermediate savings and manage risk must be able to absorb shocks without threatening investor confidence or market stability.