The Securities and Exchange Commission has revealed that over N2.7 trillion was raised in Nigeria’s capital market in 2024, with banks and other companies contributing significantly to the total amount.
This figure excludes funds raised by fund managers.
Notably, approximately N1.7 trillion of this total was raised through banks’ recapitalization efforts.
The Director General of SEC, Emomotimi Agama, made these disclosures while delivering the keynote address at the Commission’s 2024 Journalists Academy, themed “Fintech: Leveraging Technology to Drive Capital Market Participation.”
He emphasized the crucial role of the event in promoting transparency, confidence, and awareness in Nigeria’s capital markets.
In his address, Agama highlighted how macroeconomic indicators have shifted under the current management of SEC, particularly in enhancing the operations of the Commission.
“Since we took over, we’ve made significant strides to reposition our operations,” he stated
Among these steps is the creation of specialized departments within the SEC to focus on emerging developments in the markets and ensure proper regulation.
These include the establishment of the Fintech and Innovation Department, the Derivatives and Risk Management Department, and the Office of Municipal Bond, among others.
“The creation of these departments will help tackle issues like unclaimed dividends and the regulation of crypto-assets and derivatives. It also enables us to address financial innovation, emerging risks, and improve the service delivery of the Commission,” he added.
Agama also pointed out the SEC’s progress in registering Capital Market Operators (CMOs) and on-boarding FinTech companies through the Commission’s Regulatory Incubation Programmes (RIP and ARIP).
This endeavour, he continued, guarantees that the regulatory system is both inclusive and forward-looking, keeping up with the newest advances in the capital markets.
Furthermore, Agama revealed that the Nigerian Financial Intelligence Unit (NFIU) and the SEC worked closely together to ensure Nigeria’s removal from the Financial Action Task Force’s (FATF) grey list, which is critical for the expansion of the financial sector.
He stated that this endeavour is essential to preserving Nigeria’s financial system’s reputation abroad and averting any economic penalties.
“We have made significant progress, and our collaborative efforts with the NFIU will ensure Nigeria’s financial sector is globally recognized,” he said.
Agama emphasised that SEC was one of 11 Ministries, Departments, and Agencies that successfully executed 100% of the suggested reforms to fortify Nigeria’s regulatory framework as part of its larger initiatives to improve the country’s business climate.
The SEC DG also discussed ongoing efforts to improve the capital markets by updating the Investment Securities Act of 2007, particularly in the area of affordable housing.
The Commission recently approved the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which is designed to address Nigeria’s housing deficit by enabling affordable mortgage financing in line with the federal government’s One Million Homes Initiative.
Looking ahead to 2025, Agama described the SEC’s plan to increase market inclusion, transparency, and confidence.
He underlined that utilising financial technology will spur innovation and bolstering cooperation with both local and foreign players will support the preservation of financial stability.
Agama also acknowledged the role of the media in shaping public perception and understanding of the capital market.
“The media plays a critical role in building trust and confidence in Nigeria’s capital markets by providing accurate reporting and constructive critique,” he concluded.
With these initiatives, SEC aims to continue its efforts to make Nigeria’s capital market more robust and globally competitive in the coming years.
