Banks and Other Companies Earned N2.7trn from Capital Market, According to SEC
The Securities and Exchange Commission (SEC) shared exciting news on Monday, reporting that banks and other companies have collectively raised an impressive N2.7 trillion from the capital market during the first 11 months of 2024. This significant amount indicates a robust investment in various financial instruments to expand operations, support economic growth, and boost financial market activities.
This remarkable figure, which encompasses equity capital, does not include the funds raised by fund managers in the capital market. The SEC Director-General, Dr. Emomotimi Agama, highlighted that banks raised around N1.7 trillion through their recapitalisation efforts. Speaking at the Commission’s 2024 Journalists Academy event themed “Fintech: Leveraging Technology to Drive Capital Market Participation,” Dr. Agama emphasized the success of the banking recapitalization exercise and its positive impact on financial stability, investor confidence, and the Nigerian economy.
In addition to the recapitalization success, Dr. Agama outlined key steps taken by the SEC to revamp its operations under the current management. These steps include establishing specialized departments focusing on market developments, creating a Fintech and Innovation Department, a Derivatives and Risk Management Department, an Office of Municipal Bond, and other strategic units. These efforts show a commitment to enhancing regulatory oversight, fostering financial innovation, and addressing emerging risks within the capital market.
Furthermore, the SEC has been actively registering Capital Market Operators and onboarding FinTechs as part of its Regulatory Incubation Programmes. Collaboration with the Nigerian Financial Intelligence Unit to exit the FATF grey list, achieving 100% implementation of recommended reforms, and prioritizing the Revised Capital Market Masterplan (2021-2025) reflect the SEC’s dedication to regulatory excellence and market development.
Moreover, the SEC’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund and involvement in the N250 billion program to address Nigeria’s housing deficit exemplify its commitment to nation-building and economic growth. These initiatives underscore the importance of leveraging technology, fostering transparency, and enhancing investor confidence to drive capital market participation and support sustainable economic development.
