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The Securities and Exchange Commission (SEC) said the commission has concluded plans to roll out appropriate guidelines to making the new recapitalisation exercises by Money Deposit Banks, as directed by the Central Bank of Nigeria (CBN), a seamless one.
The Director General of SEC, Mr Lamido Yuguda disclosed this to financial journalists during the first post Capital Market Committee (CMC) briefing for 2024 on Friday.
While SEC commended the Central Bank of Nigeria (CBN) for the recently announced policy on bank recapitalization, he noted that the Commission has drawn useful lessons from the previous bank recapitalization exercise..
According to him :”The Commission committed to a process that will ensure speed, fairness, and good market conduct. The SEC is collaborating with the Central Bank of Nigeria and other relevant agencies to ensure a smooth process.”
Adding that the capital market is strong, efficient and resilient, pointing out that over the past few quarters some large companies have raised significant financing from the market signifying the depth and ability of the market to provide such financing. “We are confident of the ability of the market to provide the needed funds in the banking recapitalization”.
The meeting focused on critical matters affecting the Nigerian capital market, including the current global and domestic economic climate, along with recent developments and regulatory initiatives.
On reports from CMC technical committees as well as heads of the self regulatory organizations, he said the Committee on Identity Management for the Capital Market, provided an update which aims to tackle the investor data problems in the market by creating a unified database, improving data accuracy, and establishing a central repository for such data. According to him, this will ease market participation, address unclaimed dividends, and mitigate KYC/AML risks.
He said the Financial literacy Technical Committee is planning a nationwide National Quiz Competition testing financial literacy across four geopolitical zones (South-South, South-West, North-Central, and North-West), among others.
This is in addition to continued public education through daily educational posts and videos across various social media platforms. These initiatives aim to promote financial literacy and empower Nigerians to make informed financial decisions.
In general the meeting underscored the Capital Market Committee’s dedication to propelling Nigeria’s economy forward and ensuring that the capital market remains a veritable platform for financing government and businesses.
Yuguda emphasised that the CMC eagerly anticipates continued collaboration with stakeholders in propelling sustainable economic growth and prosperity, thereby positioning the Nigerian capital market as a beacon of opportunity for investors and enterprises alike.
