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By Chinwendu Obienyi
A proposed new securities exchange, Contisx, is betting on mobilising diaspora capital and retail savings to challenge the dominance of established platforms, following preliminary approval from the Securities and Exchange Commission (SEC).
Founder, Contisx Securities Exchange Plc and Chairman, Tekedia Capital, Prof Ndubuisi Ekekwe revealed this on his X (formerly Twitter) handle page on Monday.
He stated that the exchange has received Approval-in-Principle (AIP) from the regulator and is targeting a full launch by September 2026, positioning Contisx as a multi-asset platform spanning equities, fixed income and derivatives.
Nigeria’s capital market is currently led by the Nigerian Exchange Limited which handles equities trading, and the FMDQ Group, focused on fixed income and currency markets. Contisx aims to differentiate itself by tapping into diaspora funds and underutilised domestic liquidity, a strategy Ekekwe says could unlock significant capital for investment.
“Roughly N5 trillion in circulating currency sits outside the Nigerian banking system largely idle and earning nothing. If we can channel 50 per cent of that into sovereign instruments, say FGN savings bond or treasury bills at just 10 per cent, that will generate about N250 billion in returns for citizens, while also providing the government with capital to fund development”, Ekekwe explained.
Nigeria is one of Africa’s largest recipients of remittances, with inflows from its global diaspora forming a key source of foreign exchange. However, much of that money is directed towards consumption rather than long-term investment.
Contisx plans to engage diaspora communities directly, including outreach events in Canada and other global hubs, as part of efforts to redirect those flows into structured financial instruments such as government bonds, exchange-traded funds and corporate securities.
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The exchange will also target small businesses, cooperatives and subnational issuers seeking access to capital markets, areas that remain underdeveloped despite reforms in recent years.
Analysts say the entry of a new exchange could deepen Nigeria’s financial markets if it succeeds in attracting listings and liquidity, though competition with established players will be challenging.
“Liquidity is the key differentiator. New exchanges globally struggle unless they can bring in new investors or underserved segments”, they said.
The AIP granted by the SEC allows Contisx to proceed with meeting final regulatory and operational requirements but does not yet permit full operations.
Nigeria has introduced a series of reforms aimed at strengthening its capital markets, including the recently enacted Investments and Securities Act 2025, which industry stakeholders say could encourage innovation and new entrants.
Ekekwe said Contisx’s long-term goal is to broaden participation in financial markets and support economic growth by converting idle funds into productive investments.
“Our focus is investment inclusion,” he said. “The opportunity is not just to compete, but to expand the market.”
If successful, Contisx could mark a shift in Nigeria’s financial landscape, signaling a move toward greater competition and diversification in how capital is raised and deployed.
