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DG outlines outlook for 2025
From Adanna Nnamani, Abuja
The Securities and Exchange Commission (SEC) has revealed that over ₦2.7 trillion has been raised in the capital market by banks and other companies.
The figure, which includes equity capital, excludes amounts raised by fund managers in the capital market.
The Commission also disclosed that out of the ₦2.7 trillion, approximately ₦1.7 trillion was raised by banks through their recapitalisation exercise.
According to a statement from the SEC, its Director-General, Dr Emomotimi Agama, shared these details while delivering the keynote address at the Commission’s 2024 Journalists Academy with the theme, “Fintech: Leveraging Technology to Drive Capital Market Participation.”
He highlighted the importance of the workshop, noting its role in promoting transparency, confidence, and awareness within the Nigerian capital market.
Providing an update on the economy, Agama stated that macroeconomic indicators have reflected notable shifts. He noted that since the current management took over leadership of the Commission, significant steps have been taken to reposition its operations.
These include the creation of specialised departments such as the Fintech and Innovation Department, the Derivatives and Risk Management Department, the Office of Municipal Bond, the Office of Business Advocacy and Capital Formation, the Office of Unclaimed Monies, and the Office of Power Supply.
The SEC DG highlighted the importance of these departments in addressing financial innovation, regulating crypto-assets, derivatives, and forex CFDs, tackling unclaimed dividends, and improving the Commission’s service delivery.
Agama also noted progress in registering Capital Market Operators (CMOs), including onboarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP and ARIP).
He emphasised SEC’s collaboration with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the FATF grey list, which is critical for the financial sector’s development.
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He revealed that SEC was among 11 MDAs in Nigeria that achieved 100% implementation of recommended reforms, strengthening the country’s business environment and regulatory framework.
Agama said:
“We have made significant progress in registering Capital Market Operators (CMOs), including onboarding FinTechs under our Regulatory Incubation Programmes (RIP and ARIP). This effort ensures that our regulatory framework is inclusive and forward-looking.
“As you are aware, we came on board with an important banking recapitalisation exercise which we can declare has been successful. About ₦1.7 trillion has been raised so far from the market. This exercise will enhance financial stability, bolster investor confidence, and improve the Nigerian economy.
“The SEC is also actively working with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the FATF grey list. This is crucial for the development of the financial sector. This collaborative effort, when successful, will ensure the international financial credibility of the Nigerian financial system and avert economic sanctions.
“The Presidential Enabling Business Environment Council (PEBEC) set up a 90-day Regulatory Reform Accelerator Programme earlier in the year. The programme was meant to improve service delivery across MDAs, and for us, this speaks to attracting both foreign and domestic investors by improving disclosures and access to relevant information.”
Agama also outlined efforts to improve Nigeria’s capital markets, including updating its enabling law, the Investment and Securities Act of 2007.
He highlighted the SEC’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to address Nigeria’s housing deficit by enabling affordable mortgage financing. This aligns with the federal government’s One Million Homes Initiative.
The DG reaffirmed the Commission’s commitment to implementing its Revised Capital Market Masterplan (2021–2025), focusing on stakeholder engagement, awareness creation, capacity building, and developing regulatory frameworks for innovative financial products.
He also unveiled SEC’s 2025 outlook, which prioritises 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.
Agama acknowledged the media’s role in shaping public perception of the capital market, urging accurate reporting and constructive critique to build trust and confidence in Nigeria’s capital market.
