The Securities and Exchange Commission has revealed that banks and other companies raised N2.7 trillion from the capital market in the first 11 months of 2024.
Director-general of SEC, Dr Emomotimi Agama, disclosed this in an address to the commission’s 2024 Journalists Academy themed, “Fintech: Leveraging Technology to Drive Capital Market Participation”, held in Abuja, on Monday.
He said the money was generated through various investments, securities, and financial instruments in an effort to expand business operations, support economic growth, and enhance financial market activities.
Agama, however, clarified that the figure, which includes equity capital, excludes the amount raised by fund managers in the capital market.
This is just as he pointed out that out of the N2.7 trillion, about N1.7 trillion was raised by banks through their recapitalisation exercise.
“As you are aware, we came on board with an important banking recapitalisation exercise which we can declare has been successful. About N2.7trn has been raised so far from the market. This exercise will enhance financial stability, bolster investor confidence, and improve the Nigerian economy.
“N1.7tn was raised from the banking side, on the rest of the capital market, but in terms of equity rates and rights issues, well, rights and public issues. It was a total of N2.7tn.
“And that, again, excludes the amount that has been raised and refinanced by the fund managers and the various funds that have been raised during the year. That’s a different number, again. So far, and we’re progressing, and we’re moving,” the Director-general stated.
Agama said the workshop underscores the Commission’s shared responsibility in promoting transparency, confidence, and awareness within the Nigerian capital market.
He listed streps taken by the current SEC leadership to reposition its operations to include the creation of specialised departments to focus on some of the developments in the markets and ensure proper regulation, the creation of a Fintech and Innovation Department and a Derivatives and Risk Management Department, the creation of an office of Municipal Bond, Office of Business Advocacy and Capital Formation, as well as Office of Unclaimed Monies and Office of Power Supply.
He revealed that SEC was among 11 MDAs across Nigeria that achieved 100 per cent implementation of recommended reforms, strengthening Nigeria’s business environment and ensuring it remains a model for regulatory excellence.
