Banks, others raise N2.7trn via rights, public offers –SEC

The Securities and Exchange Commission (SEC) says more than N2.7 trillion has been raised in the capital market by Nigerian deposit money banks and other companies. The Director-General of SEC, Dr Emomotimi Agama, said this at 2024 Journalists Academy in Abuja on Monday, with the theme “Fintech: Leveraging Technology to Drive Capital Market Participation.” He said the figure, which included equity capital, excluded the amount raised by funds managers in the capital market. Agama said that out of the N2.7 trillion, about N1.7 trillion was raised by banks through their recapitalisation exercise.
He said the Commission had made significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP). The director-general said the SEC was working with the Nigerian Financial Intelligence Unit (NFIU) to ensure the country exited the Financial Action Task Force (FATF) grey list, adding that this is crucial for the development of the financial sector. “As you are aware, we came on board with an important banking recapitalisation exercise which we can declare has been successful.
This exercise will enhance financial stability, bolster investor confidence, and improve the Nigerian economy,” he said. Agama said the Commission’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to tackle the housing deficit in the country by enabling affordable mortgage financing, aligned with the Federal Government’s one million homes initiative. He reaffirmed the Commission’s commitment to implementing its Revised Capital Market Masterplan (2021-2025) by prioritising stakeholder engagement, awareness creation, capacity building, and developing regulatory frameworks.