Nigeria’s Securities and Exchange Commission (SEC) has approved nine new issuances with a combined value of ₦1.228 trillion in the primary market as at August 2024.
It’s Director- General, Dr. Emomotimi Agama who disclosed this in Lagos on Wednesday, September 25, 2024 at the WorldStage Economic Summit (WES) 2014 said the approvals include four Rights Issues totalling ₦508.933 billion, one Private Placement valued at ₦10.05 billion, and four Public Offers amounting to ₦709.944 billion.
He said, “These figures reflect the growing confidence in our capital market and underscores a reinvigorated Commission that is committed to facilitating orderly capital formation in Nigeria.”
Represented at the summit with the theme: Nigeria: Setting A Stage For Business And Economic Recovery by Mr. Tunde Kamali, Director, Office of of the Director General, the SEC boss said the commission “is committed to positioning the capital market as a catalyst for Nigeria’s development goals.
“By fostering innovation and ensuring that the market meets the evolving needs of investors and the economy, we are creating an environment that supports sustainable growth and financial inclusion.
“Through strategic public-private partnerships, financial literacy initiatives, and fintech advancements, we are deepening the capital market’s reach, ensuring that it serves as a platform for job creation, infrastructure financing, and broader economic resilience. In this new era, collaboration across all sectors is paramount. Together, we can unlock the full potential of Nigeria’s capital market, setting the stage for a stronger, more resilient economy.”
At the WES 2024 which also attracted top executives and academicians including Dr. Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission (NCC); Khalil Suleiman Halilu, Executive Vice Chairman/Chief Executive, National Agency for Science and Engineering Infrastructure (NASENI); Prof Diran Akinleye, Head of Department of Economics, University of Lagos (UNILAG); Prof Yaqub Jameelah Omolara, Head of Department of Economics, Lagos State University (LASU), the SEC boss said the attainment of the commission’s 10-year (2015-2025) Capital Market Masterplan which was revised in November 2022 remained a challenging endeavour in which it is committed to succeeding.
“The current initiatives of the Commission in conjunction with other stakeholders to further deepen the market is laudable and beneficial to the economy. It is therefore crucial that more support is given towards increasing the number and depth of capital market instruments, raising the level of investor participation, and mainstreaming the capital market into Nigerians’ national development plans and agenda,” he said.
“As we navigate this path toward economic transformation, it is essential that the capital market continues to innovate and evolve. The market must remain relevant to the needs of both investors and the broader economy. This requires a commitment to fostering a regulatory environment that encourages innovation, transparency, and investor confidence.
“The Securities and Exchange Commission (SEC) is actively working to reposition the capital market as a catalyst for Nigeria’s development goals. Through initiatives aimed at deepening the market, improving transparency, and enhancing investor protection, the SEC is playing a pivotal role in ensuring that the capital market is equipped to support Nigeria’s economic recovery and long-term growth.
“A stable financial system is one where banks, lenders, and markets consistently provide financing to households, communities, and businesses, ensuring they can invest, grow, and thrive—even in the face of adverse events or economic shocks. The capital market’s role in this process is pivotal, as it enhances resilience and fosters a stable economic environment.”
He expressed confidence that the commission’s regulatory efforts will continue to drive economic growth and development, positioning the Nigerian capital market as a beacon of opportunity and prosperity.
“By leveraging the power of capital markets, innovation, and strategic partnerships, we can drive Nigeria’s economic recovery and lay the foundation for long-term prosperity. Together, we can set the stage for a brighter future for our country,” he said.
On Small and Medium-sized Enterprises (SMEs), he said they are crucial to Nigeria’s economy, representing over 90% of businesses and providing employment for millions.
With access to finance remaining a major barrier to their growth and sustainability, he said SEC was committed to creating a regulatory environment that supports easier access to capital for SMEs.
“Initiatives like the Growth Board of the Nigerian Exchange (NGX) enable smaller companies to list, gaining visibility and access to much-needed funding. By helping SMEs scale and innovate, we can diversify our economy, reduce unemployment, and promote inclusive growth,” he said.
