The Securities and Exchange Commission (SEC) has announced that over N2.7 trillion has been raised in Nigeria’s capital market by banks and other companies, with approximately N1.7 trillion raised by banks through their recapitalisation exercises.
This was disclosed by the Director-General of SEC, Dr. Emomotimi Agama, during the 2024 SEC Journalists Academy held under the theme, “Fintech: Leveraging Technology to Drive Capital Market Participation.”
Dr. Agama also noted the critical role of the capital market in addressing Nigeria’s development financing needs.
Speaking about the success of the recapitalisation exercise, Dr. Agama stated: “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.”
He further noted the SEC’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.
Dr. Agama detailed various steps taken by the SEC to reposition its operations and regulate emerging financial products.
Read Also: Strengthening health sector resilience amid climate change crisis
These include the creation of specialised departments such as the Fintech and Innovation Department, Derivatives and Risk Management Department, and Office of Municipal Bonds; the 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 2025 to enhance market transparency, leverage fintech for inclusion and innovation, and strengthen domestic and international collaboration. Dr. Agama revealed that 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 said there was a need to mainstream the capital market into every sector of the economy to meet Nigeria’s massive development funding requirements. He called on journalists to educate the public about the capital market’s dynamism, stating, “Through accurate reporting and constructive critique, the media can build trust and confidence in Nigeria’s capital market.”
The SEC Director-General 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.