SEC to issue framework on recapitalisation soon – Ag. DG

The Securities and Exchange Commission has said that it will soon issue a framework that will guide the capital market in the proposed recapitalisation exercise by banks.

Acting Director General of the SEC, Dr. Emomotimi Agama disclosed this during a meeting with the executives of the Institute of Capital Market Registrars in Abuja weekend.

According to the Acting SEC DG, “We are on top of the issues around the recapitalisation exercise, very soon we will come up with a framework to guide the market.”

Agama also stated that the Commission is willing to interact with various segments of the capital market to ensure that all pending issues are resolved in the interest of the market.

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Also speaking, the Acting Executive Commissioner Operations SEC, Mr. Bola Ajomale urged the registrars to embrace technology which he said is the best way to ensure timeliness and also sanitise the system.

He said “You are a major central point that we have worked with over time. There is risk because technology is competing with you. It will be useful to talk to your members to embrace technology as that is the best way to make life easy for everyone is to sanitise the system.”

In his remarks. President of ICMR, Mr. Seyi Owoturo  said registrars have a duty to ask questions when transactions happen so as to make the market safe for everyone adding that with the banking recapitalisation coming, registrars need to embrace technology as there is going to be serious demands on their capacity.