The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has announced that approximately N1.682 trillion has been raised through e-offering as part of the banking recapitalization exercise.
Speaking at the Chartered Institute of Stockbrokers Conference in Ibadan, Oyo State, Dr. Agama highlighted the critical role of the SEC’s e-offering platform in the success of the recapitalization effort. He disclosed that nine banks raised this amount across 12 applications, with additional applications still pending.
“The use of technology has driven the market and attracted more investors. The e-offering platform alone facilitated the raising of over N1.7 trillion, showcasing its potential to revolutionize capital market activities,” he stated.
Dr. Agama emphasized that technology remains a cornerstone of the SEC’s growth strategy, supporting market monitoring, surveillance, and regulatory cohesion. He also outlined ongoing efforts to streamline market processes, such as electronic filing systems and enhanced regulatory frameworks, aimed at improving efficiency and market depth.
These measures, according to him, have strengthened investor confidence, increased liquidity, and improved the market’s attractiveness. He noted that shorter time-to-market initiatives further enhance competitiveness and economic resource allocation.
Dr. Agama reiterated the SEC’s commitment to supporting President Bola Tinubu’s goal of transforming Nigeria into a $1 trillion economy. He called for economic diversification beyond oil exports, investments in infrastructure and innovation, and improved access to credit for SMEs.
“Long-term financing through the capital market is essential for harnessing Nigeria’s vast resources. By building trust, ensuring market integrity, and fostering inclusivity, we can achieve the President’s economic vision,” he said.
The banking recapitalization, initiated by the Central Bank of Nigeria (CBN) in March, set new capital requirements to strengthen financial institutions. The SEC’s framework ensured transparency and clarity during the process, enabling broader participation and bolstering the banks’ capacity to lend to the real sector.
Dr. Agama concluded, “This recapitalization exercise is a pivotal step in driving the economy under the Renewed Hope Agenda, supporting the government’s vision for sustainable growth.”
