Nigeria, Rwanda, Burundi and Iraq regulators issue licensing, capital and enforcement rules

The Bank of the Republic of Burundi establishes the fee schedule for services it renders in the field of supervision of financing and/or guarantee institutions, including application fees, approval fees, the annual supervisory fee, and fees related to the BSA tool. The circular amends Circular No. 02/2024, specifies payment procedures in Burundian Francs, and repeals all prior contrary provisions. It enters into force upon its publication on the Central Bank's website and in the Official Gazette of Burundi.

The Central Bank of Iraq, acting on Board of Directors Decision No. 1680 of 2025, withdraws the licence of Al-Osama Company for Mediation in the Sale and Purchase of Foreign Currencies for violating the controls regulating exchange companies and currency mediation companies No. 1 of 2022. The company's guarantee deposit held at the Bank is confiscated, and the Ministry of Trade's Companies Registration Department is asked to cancel the company's certificate of incorporation, strike its name from the register, and provide certified liquidation records.

The National Insurance Commission issues the Guidelines on Licensing and Renewal of Insurance Institutions' Licences in Nigeria pursuant to the Nigerian Insurance Industry Reforms Act (NIIRA) 2025. The guidelines establish a comprehensive regulatory framework for licensing new insurance institutions and renewing operating licences, and require all affected entities to comply fully. The circular directs stakeholders to download the guidelines from the Commission's website.

The Securities and Exchange Commission of Nigeria warns the public that TUNBOSAYO OKEKUNLE STRATEGIC ALPHA FUND (TOSAF), an online investment platform, is not registered to solicit investments or operate in the Nigerian capital market. The Commission states that TOSAF unlawfully displays the SEC logo to mislead investors and exhibits indicators of a Ponzi scheme, including investors' inability to withdraw funds, and advises the public to avoid investing with it and to verify entities on the Commission's portals.

The Securities and Exchange Commission of Nigeria has issued a circular revising the minimum capital requirements for all categories of regulated capital market entities, pursuant to the Investments and Securities Act, 2025. The revised framework significantly increases capital thresholds across core and non-core operators, market infrastructure institutions, consultants, FinTechs, virtual asset service providers, and commodity market intermediaries, with compliance required by 30 June 2027. The circular aims to strengthen market resilience, enhance investor protection, and align capital adequacy with evolving risk profiles.

The Capital Market Authority of Rwanda issues regulations setting out the licensing requirements for central securities depository (CSD) operators and the authorisation requirements for CSD participants, in order to protect securities holders. The regulations cover application procedures, fit-and-proper criteria, capital requirements, fees, suspension and revocation of licences, and requirements for foreign CSD participants. They apply to companies seeking to operate a CSD in Rwanda (other than the National Bank of Rwanda) and to financial institutions, capital market intermediaries, custodians, clearing houses, exchanges and issuers seeking to become CSD participants.