The Securities and Exchange Commission (SEC) has significantly reduced the approval timeline for companies seeking to raise capital, ensuring a more efficient market that fosters economic development.
Speaking during an interview in Abuja over the weekend, the Director General of SEC, Dr. Emomotimi Agama, revealed that under the Commission’s new leadership, the time required for market approvals has been reduced from over a year to just 14 days.
“Since we took over, we have prioritized efficiency to drive economic growth. One of the key challenges previously faced by issuers was the prolonged approval process, delaying their ability to raise capital. We have successfully addressed this by cutting the time to market to just two weeks,” Agama stated.
He emphasized that this strategic reform was particularly crucial during the banking recapitalization exercise, where financial institutions raised over N2.2 trillion from the Nigerian capital market through the e-offering platform.
“Our swift approval process ensured that issuers did not experience unnecessary delays. The introduction of technology, particularly the e-offering platform, eliminated the need for paper-based applications, making capital raising seamless,” he explained.
According to Agama, digital transformation has been a game-changer, attracting younger investors and increasing participation in the market. He highlighted that the Nigerian Exchange (NGX) e-IPO system has played a key role in ensuring all offers within this period were approved within 14 days.
“The success has been overwhelming. Technology is the future, and we are leveraging it to deepen market penetration. In 2024, we will expand our use of digital tools to enhance efficiency,” Agama affirmed.
The SEC boss reiterated the Commission’s commitment to investor protection and market development, stating that the capital market remains a vital tool for economic progress.
“Our goal this year is to improve efficiency, enhance dedication, and ensure the capital market drives wealth creation for all Nigerians. We are committed to making the market more attractive and reliable so that investors can confidently build wealth,” he added.
With these reforms, the SEC is positioning Nigeria’s capital market as a robust financial hub capable of supporting national economic aspirations.
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