Recapitalisation: N1.7trn raised through e-offering, says SEC

The Director General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama, says about N1.682 trillion has been raised by banks through e-offering in the bank recapitalisation exercise.

Agama made this disclosure on the sidelines of the recently held Chartered Institute of Stockbrokers Conference held in Ibadan, Oyo State.

He explained that the launch of its e-offering platform was instrumental to the success of the recent banks recapitalisation exercise.

He noted that the amount was raised in 12 applications by nine banks while some applications are still  pending.

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He pointed out that technology is an enabler in the capital market and a prime tool for growth, adding that the commission would continue to employ technology in different angles to aid its work and ensure a deeper capital market.

“What you have seen so far is the use of technology to drive the market with more investors coming into the market. As you are aware, we just launched the e-offering platform that ensured the offering processes for banks for which over 1.7 trillion naira was raised”.

The efforts, he stated, are aimed at improving the efficiency and attractiveness of the Nigerian capital market, promoting economic growth and development.

According to him, “A shorter time to market can benefit capital market development in several ways: Increased liquidity: Faster listing allows companies to access capital more quickly, increasing liquidity in the market: Improved investor confidence: Efficient listing processes can enhance investor trust and confidence in the market: Enhanced competitiveness: A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth and better allocation of resources: Faster capital raising enables companies to allocate resources more efficiently, driving economic growth”.

He insisted that the one trillion dollar economy is feasible, especially with the drive and commitment of President Bola Tinubu in ensuring that other sectors of the economy are in full swing adding that the capital market is available to provide long term funding to boost the economy.