The Securities and Alternate Fee (SEC) has disclosed that banks and different firms raised over N2.7 trillion from the capital market in latest instances. This determine, which incorporates fairness capital, excludes quantities raised by fund managers within the capital market.
Of the entire quantity, about N1.7 trillion was raised by banks by their recapitalization workouts, in response to the SEC.
The SEC director-general, Dr. Emomotimi Agama, shared these insights throughout the fee’s 2024 journalists academy, themed “Fintech: Leveraging Expertise to Drive Capital Market Participation.” He emphasised the significance of the occasion in selling transparency, confidence, and consciousness inside the Nigerian capital market.
“By way of fairness rights and public points inside the capital market, the determine is nearer to 2.3 trillion to 2.7 trillion. This excludes quantities raised or refinanced by fund managers and different funds generated throughout the 12 months,” says the manager commissioner, operations at SEC Bola Ajomale, including “To date, we have now reached 2.7 trillion, and we’re progressing steadily.”
Dr. Agama additionally emphasised the SEC’s collaboration with the Nigerian {Financial} Intelligence Unit (NFIU) to make sure Nigeria exits the {Financial} Motion Job Drive (FATF) gray record. This effort is vital to strengthening Nigeria’s {financial} sector and sustaining worldwide {financial} credibility.
He famous that SEC was amongst 11 authorities companies in Nigeria that achieved 100% implementation of really useful reforms underneath the Presidential Enabling Enterprise Surroundings Council (PEBEC). The reforms intention to enhance service supply, improve transparency, and entice each international and home traders.
Dr. Agama highlighted notable shifts in macroeconomic indicators and said that for the reason that present SEC administration assumed workplace, vital steps have been taken to reposition its operations. Key initiatives embody: creation of specialized departments, enhanced regulation, and registration of capital market operators that has seen the onboarding of FinTech firms underneath its Regulatory Incubation Programmes (RIP and ARIP).
He additionally highlighted the SEC’s approval of the Ministry of Finance Integrated Actual Property Funding Fund as a part of efforts to handle Nigeria’s housing deficit. The fund helps inexpensive mortgage financing, aligning with the federal authorities’s One Million Houses Initiative.
He stated SEC stays dedicated to implementing its Revised Capital Market Masterplan (2021-2025), specializing in stakeholder engagement, consciousness creation, capability constructing, and regulatory frameworks for modern {financial} merchandise.
Dr. Agama supplied a glimpse into the Fee’s 2025 outlook, which is able to prioritize: Enhancing market transparency and investor confidence; leveraging {financial} know-how for inclusion and innovation; and strengthening collaboration with home and worldwide stakeholders to take care of {financial} stability.
By addressing key regulatory challenges and fostering innovation, the SEC goals to place the Nigerian capital market as a mannequin of excellence and a driver of {economic} development.
