Nigeria’s Securities and Exchange Commission (SEC) said over N2.7 trillion has been raised in the capital market by banks and other companies with approximately N1.7 trillion raised by banks in onging recapitalisation exercises.
Director-General of SEC, Dr. Emomotimi Agama, disclosed this to reporters during the 2024 SEC Journalists Academy with: “Fintech: Leveraging Technology to Drive Capital Market Participation” as theme.
Dr. Agama also noted the critical role of the capital market in addressing the country’s development financing needs.
Speaking to the success of the recapitalisation exercise, Dr. Agama said: “About N1.7 trillion has been raised so far from the market. This exercise will enhance financial stability, bolster investor confidence, and improve the Nigerian economy.”
The Nation reports that the SEC boss said the Commission’s collaboration with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the Financial Action Task Force (FATF) grey list. According to him, this is crucial for maintaining the international financial credibility of Nigeria’s financial system and averting potential economic sanctions.
On various steps taken by SEC to reposition its operations and regulate emerging financial products, Dr. Agama listed them to include creation of specialised departments such as the Fintech and Innovation Department, Derivatives and Risk Management Department, and Office of Municipal Bonds; establishment of the Office of Business Advocacy and Capital Formation, alongside initiatives to address longstanding issues such as unclaimed dividends and the approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to tackle housing deficits through affordable mortgage financing under the federal government’s One Million Homes Initiative.
Agama said SEC’s revised Capital Market Masterplan (2021–2025) entails, prioritising stakeholder engagement, regulatory frameworks for innovative financial products, and capacity building.
The SEC DG unveiled plans for next year to enhance market transparency, leverage fintechs for inclusion and innovation, and strengthen domestic and international collaboration.
He said SEC has partnered with the African Development Bank (AfDB) to acquire a market surveillance system and engaged the Toronto Centre of Canada to build staff capacity in response to market dynamism.
Dr. Agama stressed the need to mainstream the capital market into every sector of the economy to meet Nigeria’s massive development funding requirements.
He urged reporters to educate the public about the capital market’s dynamism, saying: “Through accurate reporting and constructive critique, the media can build trust and confidence in Nigeria’s capital market.”
Dr Agama reiterated the Commission’s commitment to fostering innovation, improving market confidence, and attracting foreign and domestic investors to ensure Nigeria’s capital market remains a model of regulatory excellence.
