SEC has reported that banks and other entities have raised more than N2.7 trillion from the capital market.

The Securities and Exchange Commission (SEC) announced on Monday that banks and other companies have raised over N2.7 trillion from the capital market so far this year. This total, which includes equity capital, does not account for the funds raised by managers in the market.

SEC Director General, Dr. Emomotimi Agama, revealed that banks alone raised approximately N1.7 trillion as part of the recapitalization exercise mandated by the Central Bank of Nigeria (CBN).

Dr. Agama shared this update in a keynote address at the SEC 2024 Journalists Academy in Abuja. The event, themed “Fintech: Leveraging Technology to Drive Capital Market Participation,” highlighted the SEC’s commitment to promoting transparency, confidence, and awareness within the Nigerian capital market.

He pointed out that several innovations introduced by the SEC’s new management, which took office in April, have begun to show positive results. Notably, the time-to-market for companies has been reduced to just 14 days, compared to an average of about 90 days in the past.

Agama outlined key initiatives, including the creation of specialized departments to focus on emerging market developments and ensure proper regulation. These include the Fintech and Innovation Department, the Derivatives and Risk Management Department, the Office of Municipal Bonds, the Office of Business Advocacy and Capital Formation, the Office of Unclaimed Monies, and the Office of Power Supply.

He emphasized the significance of these departments in regulating areas such as crypto-assets, derivatives, and forex CFDs, while also addressing longstanding issues like unclaimed dividends. Agama also highlighted progress in registering Capital Market Operators (CMOs), including the onboarding of FinTech companies through the SEC’s Regulatory Incubation Programs (RIP and ARIP).