The mandatory case
In Nigeria, companies issuing securities or engaging in significant capital-market activity under the Investment and Securities Act (ISA) 2025, supervised by the Securities and Exchange Commission (SEC Nigeria), must hold a valid LEI. For them the question is not whether, but when.
The voluntary case
Beyond any mandate, an LEI is a globally-recognised, independently-verifiable identity. It speeds Nigerian bank onboarding and KYC, satisfies overseas counterparties, and signals transparency — value that exists with or without a rule.
Who should consider one
Nigerian deposit money banks, SEC-registered capital market operators, FMDQ-listed issuers, and NAICOM-regulated insurers — and any Nigerian exporter, group or SPV that faces banks or counterparties abroad.
The bottom line
A mandate tells you that you must have an LEI; the business case tells you why you would want one anyway.
Key takeaways
• Mandatory for entities under the applicable reporting regime.
• Voluntarily valuable as a global trust signal.
• Speeds bank onboarding and cross-border dealing.
• One LEI works in every market.
