The Securities and Exchange Commission (SEC) has significantly reduced the time required for companies to obtain regulatory approval, cutting it down from over a year to just 14 days. This move, aimed at enhancing market efficiency, is part of the Commission’s broader strategy to strengthen Nigeria’s capital market and drive economic growth.
Speaking in Abuja over the weekend, SEC Director General Dr. Emomotimi Agama emphasized that reducing the “time to market” was a key priority for the Commission. According to him, the delays that previously hindered issuers from raising capital have now been eliminated.
“The capital market is the lifeblood of any economy, and timing is crucial,” Agama said. “Since we came on board, one of our major achievements has been cutting down the time it takes to get approval. I can proudly say we have reduced it from over a year to just 14 days.”
Agama highlighted the banking sector’s recent recapitalization exercise, where banks raised over N2.2 trillion through the Nigerian capital market using the e-offering platform. The digital system eliminated paperwork, making the process faster and more accessible to investors.
“All of these transactions were fully subscribed, and technology played a significant role,” he noted. “The NGX’s e-IPO system has proven to be highly effective. We also saw an influx of young investors, which is a testament to how technology is transforming market participation.”
Looking ahead, Agama reaffirmed the SEC’s commitment to efficiency, investor protection, and market development. “This year, our focus is on ensuring the capital market remains an engine of growth and a wealth creator for Nigerians. We want to restore confidence and make investing more attractive.”
The SEC’s ongoing reforms are expected to further streamline operations, attract more investors, and solidify the capital market’s role in Nigeria’s economic development.
