By Anthony Otaru, Abuja
The Securities and Exchange Commission has revealed that banks and other companies have raised over N2.7trn in capital in the capital market.
The figure, which includes equity capital, excludes the amount raised by fund managers in the capital market.
The Commission also disclosed that banks raised about N1.7trn through their recapitalisation exercises out of the N2.7trn.
The Director-General of the SEC, Dr Emomotimi Agama, stated these yesterday while delivering the keynote paper at the Commission’s 2024 Journalists Academy, which had the theme “Fintech: Leveraging Technology to Drive Capital Market Participation.”
Agama used the occasion to highlight the workshop’s importance, which underscored the Commission’s shared responsibility in promoting transparency, confidence, and awareness within the Nigerian capital market.
Giving an update on the economy, the SEC boss further said macroeconomic indicators had reflected notable shifts, noting that since the current management took over the leadership of the Commission, management has taken significant steps at repositioning its operations.
According to him, some of the steps include creating specialized departments to focus on market developments and ensure proper regulation, a Fintech and Innovation Department, and a Derivatives and Risk Management Department.
There are proposals to create an office of Municipal Bonds, an Office of Business Advocacy and Capital Formation, an Office of Unclaimed Monies, and an Office of Power Supply.
The SEC DG highlighted the importance of these departments in regulating crypto-assets, derivatives, and forex CFDs and tackling longstanding issues such as unclaimed dividends to address financial innovation and emerging risks and improve the Commission’s service delivery.
Agama noted the significant progress also being made in registering Capital Market Operators (CMOs), including onboarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP and ARIP).
He highlighted the efforts made by the SEC working with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the FATF grey list, adding that this is crucial for developing the financial sector.
He added that the SEC was among 11 MDAs across Nigeria that achieved 100 percent implementation of recommended reforms, strengthening Nigeria’s business environment and ensuring it remains a model for regulatory excellence.
Agama said, “We have made significant progress in registering Capital Market Operators (CMOs), including onboarding FinTechs under our Regulatory Incubation Programmes (RIP and ARIP). This effort ensures that our regulatory framework is inclusive and forward-looking.
“As you know, we initiated an important banking recapitalisation exercise that we can declare successful. About N1.7trn has been raised from the market so far. This exercise will enhance financial stability, boost investor confidence, and improve the Nigerian economy.
“The SEC is also actively working with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the FATF grey list. This is crucial for the development of the financial sector. This collaborative effort, when successful, will provide the international financial credibility of the Nigerian financial system and avert economic sanctions.
“The Presidential Enabling Business Environment Council (PEBEC) set up a 90-day Regulatory Reform Accelerator Programme earlier in the year. The programme was meant to improve service delivery across MDAs and for us this speaks to attracting foreign and domestic investors by improving disclosures and access to relevant information.”
Agama also underscored the SEC’s efforts to improve the capital markets in Nigeria by updating its enabling law, the Investment Securities Act 2007.
