By Chukwuma Umeorah
The Securities and Exchange Commission (SEC) has disclosed that banks have collectively raised about N1.682 trillion via e-offering in the ongoing recapitalisation exercise.
The Director General of SEC, Emomotimi Agama, made this disclosure during the recently concluded Chartered Institute of Stockbrokers Conference held in Ibadan, Oyo State.
According to him, the amount was raised in 12 applications by nine banks while some applications are still open pending.
Agama emphasised that technology is a significant enabler in the capital market and a crucial tool for fostering growth, adding that the Commission is committed to leveraging technology to deepen the market.
“What you have seen so far is the use of technology to drive the market with more investors coming into the market. As you are aware, we just launched the e-offering platform that ensured the offering processes for banks. That tells you what technology can do. We are also exploring such technology for other activities, for monitoring and surveillance, and other processes that will bring about a cohesion of all the policies that the SEC has applied to make the market grow bigger than it is today,” he stated. Agama outlined various initiatives by the SEC to enhance market efficiency, including streamlined registration processes, the introduction of an electronic filing system, and improved regulatory frameworks. These measures aim to reduce the time required for companies to access the market, thereby boosting the market’s attractiveness and supporting economic growth.
“A shorter time to market can benefit capital market development in several ways: Increased liquidity: Faster listing allows companies to access capital more quickly, increasing liquidity in the market: Improved investor confidence: Efficient listing processes can enhance investor trust and confidence in the market: Enhanced competitiveness: A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth and better allocation of resources: Faster capital raising enables companies to allocate resources more efficiently, driving economic growth,” he explained.
He further noted that a $1 trillion economy is achievable, given President Bola Tinubu’s commitment to revamping various sectors of the economy, adding that the capital market is well-positioned to provide long-term funding to support economic development. This is even as he stressed the need to diversify the economy beyond oil exports, invest in infrastructure, human capital, and innovation, create a more favourable business environment, reduce regulatory bottlenecks, and promote financial inclusion for small and medium-sized enterprises (SMEs).