SEC cuts approval time for raising capital

The Securities and Exchange Commission has cut the approval time for companies seeking to raise capital to just two weeks.

In a statement made available to our correspondent by the commission on Monday, the SEC Director-General, Emomotimi Agama, disclosed this in an interview in Abuja over the weekend.

According to him, the current management has reduced the time to market from over a year to 14 days.

“Since we came on board, we have helped propel the economy. One of the challenges we tackled was reducing the time to market—issuers used to wait over a year for approval, and now it takes just 14 days,” Agama noted.

Agama highlighted the success of the bank recapitalisation exercise, where banks raised over N2.2tn through the e-offering platform. “Technology is the in-thing. The NGX’s e-IPO system has proven very effective, attracting many young people into the market,” he added.

He added that the SEC’s reforms are part of a broader strategy to leverage the capital market as an engine of growth and a propeller of wealth for Nigerians.

“We must do everything within our powers and the law to protect investors and ensure that Nigerians are happy again in investing in the market and creating wealth,” Agama stated.

The PUNCH reported that the Securities and Exchange Commission has announced plans to enhance the regulatory framework for borrowing by governments and corporations, emphasising sustainability and efficiency in the financial system.

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