Amid an impressive record of achievements over the brief he has been on the saddle, the Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, says its focus would shift towards building trust, enhancing market transparency and confidence in 2025.
To achieve this goal, Agama said the Commission hopes to leverage on financial technology to drive inclusion and innovation, as well as strengthen collaboration with domestic and international stakeholders to maintain financial stability.
He disclosed these in a keynote presentation at the Commission’s 2024 Journalists Academy in Abuja on Monday on the theme, “Fintech: Leveraging Technology to Drive Capital Market Participation.”
As part of the Commission’s achievements, Agama said the capital regulator created an environment that enabled banks and other financial institutions to raise over N2.7 trn capital from capital market, out of which N1.7 trn was for their recapitalisation and other objectives.
He said the figure excluded the amount raised by funds managers in the capital market for various purposes.
Highlighting the significance of the Academy, the DG said it underscored the Commission’s shared responsibility in promoting transparency, accountability, trust, confidence, and awareness within the Nigerian capital market.
On the update on the economy, he noted that the macroeconomic indicators reflected notable shifts, adding that since his management assumed office, the Commission has taken significant steps to repositioning its operations.
Some of the steps, he said, include the creation of specialised departments to focus on some of the developments in the markets to ensure proper regulation; creation of a Fintech and Innovation Department, and a Derivatives and Risk Management Department; creation of an office of Municipal Bond, Office of Business Advocacy and Capital Formation, Office of Unclaimed Monies, and Office of Power Supply.
These departments, he pointed out, were of strategic importance, particularly in helping regulate crypto-assets, derivatives, and foreign exchange CFDs, as well as tackling long standing issues, such as unclaimed dividends, to address financial innovation, emerging risks and improve the service delivery of the Commission.
Agama noted the significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP and ARIP).
He highlighted efforts by the SEC, in collaboration with the Nigerian Financial Intelligence Unit (NFIU), to see that Nigeria exits the Financial Action Task Force (FATF) grey list, adding that this was crucial for the development of the financial sector of the country’s economy.
If this collaborative effort becomes successful, he said it would ensure the international financial credibility of the Nigerian financial system and avert economic sanctions.
SEC, he announced, was among 11 Ministries, Departments and Agencies (MDAs) across Nigeria that achieved 100 percent implementation of recommended reforms, strengthening Nigeria’s business environment and ensuring it remained a model for regulatory excellence.
“We have made significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under our Regulatory Incubation Programmes (RIP and ARIP). This effort ensures our regulatory framework is inclusive and forward-looking,” he said.
He commended the banks’ recapitalisation exercise, saying this would enhance financial stability, bolster investor confidence and improve the Nigerian economy.
“The Presidential Enabling Business Environment Council (PEBEC) set up a 90-day Regulatory Reform Accelerator Programme earlier in the year. The programme was meant to improve service delivery across MDAs, and for us this speaks to an attempt to attract both foreign and domestic investors by improving disclosures and access to relevant information.”
Agama also underscored the efforts of SEC to improve the capital markets in Nigeria, by updating its enabling law, which is the Investment Securities Act (ISA) 2007.
Also, he said SEC’s decision to approve the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) was to help tackle the country’s housing deficit problem, by enabling affordable mortgage financing, which aligned with the Federal Government’s One Million Homes Initiative.
Besides, the SEC DG reiterated the Commission’s commitment to implement its Revised Capital Market Masterplan (2021-2025) by prioritising stakeholder engagement, awareness creation, capacity building, and developmwnt of regulatory frameworks to support innovative financial products.
In unveiling a snapshot of the capital market outlook for 2025, Agama said SEC would focus on leveraging technology to enhance market transparency, trust and confidence.
He acknowledged the strategic role of the media in shaping public perception and understanding of the capital market, adding that through accurate reporting and constructive criticism the media could help build trust and confidence in Nigeria’s capital market.
The SEC DG pledged to maintain an open door policy with the media practitioners whom he described as partners in progress in order to build a stable capital market.
In this remarks, the Chairman of the Finance Correspondents Association of Nigeria (FICAN), Bassey Udo, commended the cordial relationship between journalists and SEC, and urged the Commission to continue to work with members of the Association to create an environment that would promote tje growth of the Nigerian economy.
L-R: Chairman, Finance Correspondents Association of Nigeria (FICAN), Abuja, with Executive Commissioner Corporate Services, SEC, Mrs Saminya Usman; Executive Commissioner (Operations), SEC, Bola Ajomale, and DG SEC, Dr. Emomotimi Agama, at the 2024 SEC Journalists Academy in Abuja on Monday.
