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Tag: Dr. Emomotimi Agama

  • SEC stresses accountability, transparency to boost investor confidence

    SEC stresses accountability, transparency to boost investor confidence

    Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasised the importance of accountability and transparency as critical tools for strengthening investor confidence in Nigeria’s capital market.

    Agama spoke s while delivering a goodwill message at a stakeholder engagement on internal control over financial reporting in the public sector.

    The event, themed “Strengthening Accounting and Transparency through ICRC,” was organized by Smith Ighodalo Adewale Odiachi (SIAO) under the Internal Control over Financial Reporting (ICFR), in collaboration with the Financial Reporting Council (FRC) in Abuja.

    He said proper internal control mechanisms over financial reporting are essential for market integrity and investor trust.

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    He said:  “Internal control over our financial reporting is a critical part of disclosures. Whether in the securities market, for public companies, or other organizations, these controls strengthen accountability, transparency, and integrity within the financial system”.

    He added that investor confidence is closely tied to how transparent and accountable financial institutions and market operators are.

     “For investors, what matters is knowing that there is accountability, that people are doing what they ought to do, and stewardship is being upheld,” he said. “When investors see that management is committed to these principles, they are more likely to invest,” Agama said.

    He noted that the recent passage of the Investment and Securities Act (ISA) 2025, signed into law by President Bola Tinubu on March 25, was a milestone in capital market reform.

    According to him, the ISA 2025 has introduced key reforms aimed at fostering a more transparent and efficient market.

    “We are already seeing improved investor sentiment and increased confidence in the system,” Agama said.

    He stressed that the SEC, under his leadership, is committed to professionalism and adherence to the law, and that these values are driving improvements in the market.

  • Recapitalisation: Banks raise N1.68tr through e-platform

    Recapitalisation: Banks raise N1.68tr through e-platform

    Approximately N1.682 trillion has been raised by banks through the recently launched e-offering platform as part of their recapitalisation efforts.

    Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama made this known yesterday at the Chartered Institute of Stockbrokers (CIS) Conference in Ibadan, Oyo State.

    The sum, according to a statement by SEC, was achieved through 12 applications submitted by nine banks. 

    Agama, who noted that technology played a critical role in achieving the milestone, described it (technology) as a key enabler of the capital market’s growth.

    He said: “The e-offering platform was pivotal in ensuring the success of the banks’ recapitalisation exercise, enabling over N1.7 trillion to be raised.

    “This demonstrates the power of technology, which we are also leveraging for monitoring, surveillance, and other market activities to strengthen the cohesion of our policies and drive market growth.”

    The commission’s boss acknowledged several initiatives implemented by the SEC to improve efficiency and reduce time to market for capital offerings.

    These include streamlined registration processes, an electronic filing system, and enhanced regulatory frameworks.

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    He stated that the measures were aimed at bolstering investor confidence, improving liquidity, and promoting the Nigerian capital market’s competitiveness.

    “A shorter time to market benefits the capital market by allowing companies to access capital more quickly, which increases liquidity, boosts investor confidence, and enhances competitiveness. This ultimately leads to better resource allocation and drives economic growth,” Agama explained.

    The SEC DG expressed optimism about achieving President Bola Tinubu’s $1 trillion economic target, stating that the capital market is uniquely positioned to provide the long-term funding necessary to fuel economic diversification and growth.

    He said: “The Nigerian economy is vibrant and full of potential. To harness its resources effectively, we need long-term financing, which only the capital market can provide,” he said.

    Dr. Agama added that diversifying the economy beyond oil, improving infrastructure, and fostering financial inclusion are critical to achieving this vision.

    He  praised government’s commitment to the recapitalization process, describing it as a strategic step to strengthen and make the banking sector capable of lending effectively to the real sector.

    This, he said, aligns with the Renewed Hope Agenda and President Tinubu’s economic design.

     Agama also praised the SEC’s guidelines for ensuring transparency and integrity throughout the recapitalisation process, making it easier for Nigerians to participate.

    “SEC’s clarity and regulations ensured a transparent process, underscoring the importance of integrity in achieving our economic goals. Strengthened banks will have greater capacity to lend to the real sector, driving the economy toward the $1 trillion target,” he said.

    The bank recapitalisation initiative follows the CBN’s March 2024 announcement of new capital requirements for banks. The move aims to solidify the financial sector and position it as a cornerstone of the country’s economic transformation.

  • SEC urges stockbrokers on $1tr economy

    SEC urges stockbrokers on $1tr economy

    The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged stockbrokers and stakeholders in Nigeria’s capital market to fully utilize the market’s potential in fostering a prosperous and sustainable economy.

    Speaking at the 28th annual conference of the Chartered Institute of Stockbrokers (CIS) in Ibadan, Oyo State, Dr. Agama noted the capital market’s role as a driver of economic diversification, industrial growth, and technological progress.

    According to a SEC statement, Dr. Agama stated that Nigeria’s capital market is not only a platform for raising funds but a vital engine for wealth creation and infrastructure development. By channeling resources into productive sectors, the capital market can support the nation’s journey towards a $1.0 trillion economy, he explained.

    The conference had: “Capital Market as a Catalyst for the $1.0 Trillion Economy” as them and had stockbrokers and financial experts that came to discuss strategies for enhancing the market’s role in Nigeria’s economic growth.

    Agama pointed out the importance of reviewing investment strategies, improving market liquidity, bolstering investor confidence, and embracing technological innovations such as fintech and blockchain to enhance efficiency and transparency in the market.

    He said: “This conference provides an opportunity to identify and address key barriers that have hindered optimal capital market performance, such as regulatory challenges, market liquidity, and investor confidence. The role of technological innovations in the market cannot be overstated. Embracing fintech solutions, blockchain, and digital assets will further enhance market efficiency and transparency.”

    The SEC DG stressed the need for collaboration between regulators, market operators, and policymakers to achieve the $1.0 trillion economic target of the government, saying:  “The success of the $1.0 trillion economy vision largely depends on the collective efforts of all stakeholders in the financial ecosystem. By fostering collaboration, we can create a more resilient and inclusive market.”

    Dr. Agama also commended the CIS for its dedication to professional development, highlighting that the conference equips market players with essential knowledge to drive Nigeria’s economy forward. He described hosting the event in Oyo State, a hub for major Nigerian corporations, as a testament to the region’s economic significance and rich cultural heritage.

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    In addition to panel discussions, the conference includes factory visits, providing brokers and stakeholders with practical insights into the operations of leading companies. Dr. Agama lauded this initiative, saying it would deepen industry engagement and understanding among participants.

    In his address, CIS President and Chairman of the Governing Council, Mr. Oluropo Dada, stressed the capital market’s strategic importance in achieving the Federal Government’s goal of a $1.0 trillion economy. He noted that the theme of the conference aligned with this objective and highlighted the market’s role in empowering entrepreneurs and facilitating the growth of small businesses into larger corporations.

    Dada said: “The capital market democratizes assets through wealth creation and distribution, providing opportunities for individuals, corporates, and governments to save and invest for the future. Achieving a trillion-dollar economy requires exploring the capital market’s role as a proven engine of growth.”

    He stressed that by studying the economic trajectories of developed nations, it’s evident that a thriving capital market is integral to sustainable economic growth, providing a pathway for individuals to participate in wealth generation.

  • ‘Capital market can fund Nigeria’s infrastructural deficit’

    ‘Capital market can fund Nigeria’s infrastructural deficit’

    Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has said the capital market has the depth to finance the country’s huge infrastructure deficit.

    According to him, considering the contribution of the capital market in mobilising funds for other sectors of the economy in achieving their objectives, the capital market  is capable, if adequate awareness is created, to finance Nigeria’s infrastructure deficit.

    Agama spoke during a stakeholders programme with the theme: Financing the future in Nigeria, organised by the International Financing Corporation (IFC) and Milken Institute in Lagos.

    He noted that there is need for more investors in education from operators in the market.

    He said the regulator and the operators need to further strengthen the base, which is the capital market, where fund is raised, noting that market-creative initiatives must be encouraged.

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    “We have the capacity. Debt with regards to capital market in Nigeria has not been explored. It is because people do not know and  that is why we are out there letting them know about the capital market. The capital market is the barometer of any economy.

    “Nigeria has the capacity to be able to fund the capital market. To be able to achieve this goal of the capital market, and actually mainstreaming the capital market to the national economy. Our infrastructure needs is huge, in every aspect. Considering that we have 36 states in the country and the FCT. And requires funds for roads, health services, airport, education, agriculture, it’s all encompassing, so we are looking beyond $50 billion dollars to be able to deal with this infrastructure deficits,” Agama said.

    Speaking on the programme, Mr. Tom Ceusters, Director, Treasury Capital Market & Investments at IFC, said Nigeria being a critical partner, there was need to educate mid-level regulators and market infrastructure participants.

    “To upscale the level of the capital market in respective countries. So far, we have educated 224 Alumni from 56 countries, including 22 in Nigeria,” Ceusters said.

    According to him, the IFC is satisfied after eight years of its partnership with the domestic economy.

    Said he: “I think the results of the programme are very tangible. As we can see with the Director General of the SEC. He is an Alumni of the programme six to seven years ago. And we see it in many places, where participants in the programme make the best of career, and have impact on respective regulation in the countries they operate in.

    “We assess changes in regulation. How many proposals are being made, that’s how we assess the impact of the programme, and that has been very impactful in terms of advancement in introduction of new products into the market; and regulation in terms of capital market development”.

    Chief Operating Officer, Milken Institute, Mr. John Hunter, said the programme is a good start.

    On what the regulator needs to do to drive finance to fund infrastructure deficits, he advised that, “they must make the market attractive, look at all the basic elements of ease of doing business and examine what makes you attractive and less attractive.

    “Africa has the bargaining power. The huge population is an asset. They have a good story to tell, unlike the perception out there”.

  • New SEC DG to outline agenda

    New SEC DG to outline agenda

    The newly-appointed Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, will this week lead stakeholders in laying out capital market roles in the achievement of the national economic agenda.

    Agama, who was appointed by President Bola Tinubu, had promised to deploy the capital market as a catalyst for the government’s Renewed Hope Agenda, including the achievement of the $1 trillion economy target.

    Agama will host the Capital Market Committee (CMC) meeting, which will brainstorm on further strategies for enhancing the capital market’s role in driving economic growth and development through initiatives that attract investments, improve market efficiency, and safeguard investor interests.

    “The meeting will bring together key stakeholders in the Nigerian capital market to discuss the industry’s current landscape, regulatory framework, and strategies for future growth. Participants will exchange ideas and reaffirm their commitment to fostering a robust investment climate characterized by innovation, sustainability, and investor protection.”

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    “The meeting would focus on critical issues affecting the market and ensure that those concerns were thoroughly addressed. To inform its deliberations, the committee will review reports from technical committees, market infrastructures, and industry observers. Emerging market trends will also be a focal point of discussion,” SEC stated about the meeting holding in Lagos.

    The CMC is an industry-wide body comprising the SEC, capital market operators, trade groups, and other stakeholders. It serves as a pivotal platform for dialogue, facilitates the exchange of ideas, addresses key issues impacting market growth and organisation, and collaborates on shaping the market’s future.

    The committee was established primarily as a means for stakeholders to exchange ideas and provide feedback to the SEC, aiding in the continuous improvement of market operations and regulatory frameworks.