Banks, others raised over N2.7trn from capital market — SEC

The Securities and Exchange Commission (SEC) has disclosed that over N2.7 trillion in capital has been raised in the capital market by banks and other companies.

This figure, which includes equity capital, excludes the amounts raised by fund managers. Additionally, the Commission revealed that approximately N1.7 trillion of the total was raised by banks through recapitalization exercises.

The Director-General of SEC, Dr. Emomotimi Agama, shared these details while delivering the keynote address at the Commission’s 2024 Journalists Academy.

The event, themed “Fintech: Leveraging Technology to Drive Capital Market Participation,” underscored the shared responsibility of promoting transparency, confidence, and awareness in Nigeria’s capital market.

Dr. Agama highlighted shifts in macroeconomic indicators and detailed efforts taken by the current management to reposition SEC’s operations.

He noted the creation of specialized departments to enhance regulation and focus on market developments, including the Fintech and Innovation Department, Derivatives and Risk Management Department, Office of Municipal Bonds, Office of Business Advocacy and Capital Formation, Office of Unclaimed Monies, and Office of Power Supply.

These departments play critical roles in regulating crypto-assets, derivatives, and forex CFDs, as well as addressing persistent issues like unclaimed dividends. The goal is to tackle emerging risks and improve SEC’s service delivery.

Dr. Agama also reported progress in registering Capital Market Operators (CMOs) and onboarding FinTechs through the Regulatory Incubation Programmes (RIP and ARIP).

The SEC has collaborated with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the Financial Action Task Force (FATF) grey list. Dr. Agama stressed the importance of this effort for financial sector development, stating that successful compliance would bolster Nigeria’s international financial credibility and prevent economic sanctions.

Furthermore, SEC was among 11 MDAs in Nigeria to achieve 100% implementation of recommended reforms, enhancing the country’s business environment and setting a benchmark for regulatory excellence.

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Dr. Agama noted that the Commission’s banking recapitalization exercise has successfully raised N1.7 trillion, contributing to financial stability and investor confidence.

He also highlighted SEC’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to address Nigeria’s housing deficit and support the federal government’s One Million Homes Initiative.

Looking ahead, SEC’s 2025 focus includes enhancing market transparency and confidence, leveraging financial technology to drive inclusion and innovation, and strengthening collaboration with domestic and international stakeholders to maintain financial stability.