The Securities and Exchange Commission (SEC) has announced that it has approved all offers received from commercial banks amid the ongoing recapitalization exercise. This was disclosed by Emomotimi Agama, SEC’s Director-General, during a press conference following the Capital Market Committee (CMC) meeting.
Agama highlighted significant developments in the Nigerian capital market, particularly in the primary market, where the SEC has approved nine new issuances totaling N1.228 trillion. He also noted the growth in the net asset value (NAV) of registered mutual funds by 111.08% to N3.335 trillion.
The SEC’s approval of bank offers and new issuances demonstrates the commission’s commitment to supporting the recapitalization effort and promoting market confidence. Agama emphasized the need for public and private sector collaboration to sustain the economy during challenging times and expressed optimism about unlocking the full potential of the capital market.
The SEC plans to restructure the CMC to optimize its role in driving market growth and development, with a focus on enhancing market efficiency, creating rules and standards, and developing new products. Agama acknowledged the efforts of CMC sub-committees since 2002 and reiterated the SEC’s commitment to advancing the Nigerian capital market and economy in line with President Bola Tinubu’s renewed hope agenda.
