Banks, others raised N2.7tn from capital market in 11 months — SEC – Punch Newspapers
Securities and Exchange Commission recently disclosed that banks and other companies have collectively raised a substantial N2.7tn from the capital market in the first 11 months of 2024. This impressive sum was gathered through various investments, securities, and financial instruments aimed at expanding business operations, supporting economic growth, and enhancing financial market activities.
Notably, out of this total amount, about N1.7tn was raised by banks through significant recapitalization efforts. This demonstrates a strong commitment from financial institutions to strengthen their positions and foster growth.
Dr. Emomotimi Agama, the Director-General of the SEC, shared these insights during the commission’s 2024 Journalists Academy event in Abuja, centered around the theme of “Fintech: Leveraging Technology to Drive Capital Market Participation.” He emphasized the importance of boosting financial stability, investor confidence, and overall economic improvement through these market activities.
Agama highlighted key advancements made by the SEC in recent times, including the establishment of specialized departments, such as Fintech and Innovation, Derivatives and Risk Management, Municipal Bond, Business Advocacy and Capital Formation, and Unclaimed Monies and Power Supply offices. These developments are geared towards efficient regulation and addressing emerging financial challenges.
Moreover, the SEC has prioritized regulatory efforts concerning crypto-assets, derivatives, and forex CFDs. Agama also commended the collaboration with the Nigerian Financial Intelligence Unit to ensure Nigeria’s compliance with global standards, particularly to exit the FATF grey list.
Additionally, he praised the SEC’s initiatives to enhance the business environment by registering Capital Market Operators and supporting FinTechs through Regulatory Incubation Programmes. These actions aim to improve service delivery, promote financial innovation, and address unclaimed dividends.
Overall, the SEC’s commitment to strengthening Nigeria’s financial sector, promoting regulatory excellence, and embracing technological advancements reflects a resilient and forward-thinking approach to capital market development.
