At the SEC’s 2024 Journalists Academy, DG Emomotimi Agama announced that Nigerian banks have raised over ₦1.7 trillion through recapitalisation, strengthening financial stability and investor confidence.
Nigerian banks have r!aised over ₦1.7 trillion through a recapitalisation exercise in the capital market, contributing to a total of ₦2.7 trillion raised by banks and other companies.
The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, announced this achievement during the 2024 Journalists Academy, held under the theme; “Fintech: Leveraging Technology to Drive Capital Market Participation.”
Agama praised the recapitalisation effort, stating that it had resulted in financial stability and boosted investors’ confidence.
He also highlighted the role of the Presidential Enabling Business Environment Council (PEBEC), which has worked to attract both foreign and domestic investors through regulatory reforms.
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To tackle emerging market challenges, the SEC has created specialised departments, such as the Fintech and Innovation Department, the Derivatives and Risk Management Department, and offices focused on unclaimed funds, municipal bonds, and power supply.
These departments would regulate new financial technologies, like crypto-assets and derivatives, and resolve long-standing issues such as unclaimed dividends.
The SEC is also collaborating with the Nigerian Financial Intelligence Unit (NFIU) to help Nigeria exit the FATF grey list, a critical step in maintaining international financial credibility.
Additionally, the SEC has approved the Ministry of Finance Incorporated Real Estate Investment Fund to address Nigeria’s housing deficit, aligning with the federal government’s One Million Homes Initiative.
Agama reiterated the SEC’s commitment to enhancing Nigeria’s financial market through updated regulations, capacity building, and fostering innovation to strengthen the economy.
