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The Securities and Exchange Commission ( SEC) said N2.7 trillion has been raised in the capital market by banks and other companies. SEC Director-General, Dr. Emomotimi Agama, who confirmed the figure on Monday in Abuja while delivering a keynote paper at the Commission’s 2024 Journalists Academy with the theme, “Fintech: Leveraging Technology to Drive Capital Market Participation”, said the figure included equity capital, excludes the amount raised by funds managers in the capital market.
Of the N2.7 trillion, about N1.7 trillion was raised by banks through their recapitalisation exercise. Speaking about the economy, he stated that macroeconomic indicators reflected notable shifts, noting that since the current management took over the leadership of the Commission, but has taken significant steps at repositioning its operations.
Some of the steps include the creation of specialised departments to focus on some of the developments in the markets and ensure proper regulation, creation of a Fintech and Innovation Department and a Derivatives and Risk Management Department, creation of an office of Municipal Bond, Office of Business Advocacy and Capital Formation, as well as Office of Unclaimed Monies and Office of Power Supply.
The SEC DG highlighted the importance of these departments in regulating crypto-assets, derivatives, and forex CFDs, as well as tackling longstanding issues such as unclaimed dividends so as to address financial innovation, emerging risks and improve the service delivery of the Commission.
Agama noted the significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP and ARIP).
He highlighted the efforts made by the SEC working with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the FATF grey list adding that this is crucial for the development of the financial sector.
He revealed that SEC was among 11 MDAs across Nigeria that achieved 100 per cent implementation of recommended reforms, strengthening Nigeria’s business environment and ensuring it remains a model for regulatory excellence.
He 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 forwardlooking.
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