AFTE 2026: Draft online forex rules under review — SEC

The Securities and Exchange Commission (SEC) Nigeria on Wednesday told the forex and online trading industry that its draft rules on online forex and CFD trading were being reviewed following stakeholder submissions.

Disclosing this during the opening session of the second Africa Forex Trading Expo (AFTE), holding in Lagos, the commission said the Investments and Securities Act, 2025, specifically Section 3(3)(o), empowers it to register and regulate online forex trading activities, platforms and intermediaries.

The SEC released the draft rules for public comment and said different departments within the commission were reviewing the responses received.

The commission further added that the proposed framework sets out which entities must register, what they may do and what obligations they owe customers.

It also addresses cross-border arrangements and offshore operators whose activities target Nigerian residents, subject to applicable laws.

“Accessibility should not be confused with safety, and technological sophistication should not be mistaken for investment quality,” the SEC warned, cautioning that being able to open an account and place a trade does not mean a person understands leverage, costs or the possibility of losing the entire amount invested.

The commission also said its approach rests on five priorities: a clear framework for market participation; fitness, competence and financial soundness; transparency and fair treatment of clients; protection of client funds and effective complaint handling; and effective supervision and enforcement.

It stressed that registration “is not a substitute for ongoing supervision”.

It urged investors to treat claims of guaranteed profits or high returns with little or no risk with considerable caution, verify any platform’s regulatory status through the SEC’s official channels and be wary of unsolicited offers.

For operators, it set out five calls to action: build compliance into business models from the outset; put investor interests at the centre of product design and distribution; invest in cybersecurity and market-integrity technology; strengthen cooperation between industry and regulators; and develop African expertise and institutions.

Opening the expo earlier, Zack Kiratu, Director of organiser Azelia Expo Ltd, said the industry’s growth must come with responsibility, identifying financial literacy, unrealistic expectations, inadequate risk management, questionable marketing practices and consumer protection as issues to be addressed.

“A bigger market is important, but a more credible market is even more important,” Kiratu said.

He identified innovation, trust and opportunity as the three elements that must work together to shape Africa’s digital financial markets and urged the continent to move from being a consumer of financial products to an active participant in designing them.

“Africa’s digital finance revolution is not something we should merely observe. It is something we must actively participate in and help shape,” he said.

The expo is being held under the theme, ‘Africa’s Digital Finance Revolution: Trading, Technology and Opportunity’.

In the opening keynote, presenting sponsor FundingPips said its mission was to close the gap between trading talent and access to capital, citing more than US$330 million in payouts, over three million traders and a presence in more than 195 countries.

The proprietary trading firm said five Nigerian traders alone had received nearly half a million dollars in payouts.

The message to Nigerian traders was equally about restraint: “Hustle gets you into the game. Discipline keeps you in the game,” the presentation said, adding that traders did not need to win every trade but needed to survive, manage risk and remain consistent.

Workshops and masterclasses alongside the main programme reinforced the same theme.

Exinity (FXTM) client education specialist Pius Ogbu’s masterclass, ‘From Strategy to Execution’, centred on the distinction between a trading plan and a trading strategy, and on defining entry, stop-loss, target and trade-management rules in advance.

Its closing point was that a trader cannot consistently execute rules that have never been clearly defined.

Spark FX Academy founder Citadel Egigba’s workshop, ‘Beyond the Candlesticks’, walked participants through a structured approach to market structure, liquidity and points of interest, using a live chart.

Its message to the audience was that the best trading decision is not always an entry.

The expo continues on Thursday, November 12, with panels on ‘Nigeria: Africa’s Fastest Growing Digital Trading Economy’, ‘Women Shaping Africa’s Financial Future’ and ‘Why Most Forex Traders Struggle’, followed by masterclasses on risk management and strategy validation.

The closing keynote and ceremony, scheduled for 15:00, will include competition awards, recognition of sponsors and organisers, and the announcement of AFTE Kenya 2027.

The expo is expected to draw more than 5,000 attendees, over 50 speakers and more than 60 exhibitors from over 20 countries.

Sponsors are FundingPips (presenting sponsor), Headway and FXTM. Exhibitors include SEC Nigeria, Purity Capital, LuliFiber, iQuoto, Spark FX Academy, ABM Funded, Afro Money Week, Gold Dragon FX, Thaurus Guru, MoroSystems and RebateBoard.

The Africa Forex Trading Expo (AFTE) is a continental financial markets and technology event that brings together traders, brokers, fintech innovators, cryptocurrency exchanges, investors, financial educators and industry leaders across foreign exchange, cryptocurrency and the wider digital finance sectors.

Its mission is to contribute to a digitally empowered and financially literate Africa, where informed trading and innovation support sustainable wealth creation. The Nairobi, Kenya, edition was held at the Sarit Expo Centre. AFTE is organised by Azelia Expo Ltd.