Caption: Dr. Emomotimi Agama (left), President, Chartered Institute of Stockbrokers (SEC) Nigeria, in a warm handshake with President Chartered Institute of Bankers of Nigeria, Prof Deji Olanrewaju (right), and Oluropo Dada, President, CIS, during the 28th Annual Chartered Institute of Stockbrokers Conference in Ibadan, Oyo State (READ).
The Director General of the Securities and Exchange Commission (SEC Nigeria), Dr Emomotimi Agama, on Wednesday said 9 banks in the country have so far raised N1.682tr through electronic offerings in the process of recapitalising as directed by their primary regulator- the Central Bank of Nigeria (CBN) as part of measure to enable the country achieve the $1tr economy envisioned by President Bola Tinubu.
A statement by the commission said Dr. Agama who disclosed this on the sidelines of the recently held Chartered Institute of Stockbrokers (CIS) Conference in Ibadan, the Oyo State capital, said the amount was raised in 12 applications by the banks, even as some applications are still open pending.
Agama linked the success to the launch of the commission’s e-offering platform a technology he described as an enabler in the capital market and a prime tool for growth.
So far, Investdata News checks reveal that Fidelity Bank, Guaranty Trust Holding Company (GTCO), Zenith Bank, First City Monument Group, and Access Holdings Company have concluded their recapitalisation exercises. FBN Holdings and United Bank for Africa Plc are almost concluding their rights issues, just as Wema Bank is about to unveil its offer to the market ahead iof the 2026Q1 deadline set by the apex bank.
The SEC, Agama said, would continue to employ technology in different angles to aid its work and ensure a deeper capital market.
According to him, “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 for which over N1.7tr was raised.
”That tells you what technology can do, we are also exploring 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 added.
The SEC DG stressed that the Commission has implemented various initiatives to reduce time to market, including streamlined registration processes: Introduction of an electronic filing system and Enhanced regulatory frameworks among others.
The efforts, he stated, are aimed to improving the efficiency and attractiveness of the Nigerian capital market, promoting economic growth and development.
According to him, “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 insisted that the N1tr economy is feasible especially with the drive and commitment of President Bola Tinubu in ensuring that other sectors of the economy are in full swing adding that the capital market is available to provide long term funding to boost the economy.
According to the DG, the nation needs to diversify the economy beyond oil exports, invest in infrastructure, human capital and innovation, enhance the business environment and reduce regulatory hurdles as well as promote financial inclusion and access to credit for SMEs and individuals.
“The Nigerian economy is a very vibrant economy full of promise in view of the natural resources in this country and the ability to harness these natural resources comes from seeking long term financing. The only place you can get long term financing that is enduring the capital market.
“Total commitment, more education, to build trust and confidence, integrity and an inclusive market that will bring everybody together to achieve the objectives of Mr. President,” he assured.
Agama had recently stated that the guidelines issued by the commission before the banking recapitalisation exercise increased transparency of the process, making it easier for Nigerians to participate.
He also explained that the recapitalisation exercise was a crucial measure by the government to strengthen the banks, noting that the commission provided clarity before the recapitalisation exercise commenced because the current management of the commission is interested in integrity and transparency of processes”
According to him, “that clarity came out of the regulations that the SEC brought up to support the banking recapitalisation. It is a very important step by the government to strengthen the banks and indeed provide capacity for the banks to lend to the real sector for us to drive the economy, as provided for by the Renewed Hope Agenda Initiative and the design of the President to turn out a $1tn economy.
