The Director General of the Securities and Exchange Commission, Emomotimi Agama, has stated that the ongoing bank recapitalisation is an important step toward unlocking Nigeria’s potential to achieve a $1tn economy.
He disclosed this at a recent forum in Abuja focused on the ongoing bank recapitalisation.
Agama, in a statement made available to our correspondent, highlighted the need for comprehensive economic reforms alongside strengthening the banking sector. He noted that recapitalised banks would play a critical role in supporting those efforts.
Agama stated, “Nigeria must diversify its economy beyond oil exports and invest in key areas, such as infrastructure, human capital, and innovation. Enhancing the business environment, reducing regulatory hurdles, and promoting financial inclusion are essential to driving sustainable growth.”
He explained that bank recapitalisation involves increasing a bank’s capital to meet regulatory requirements, improve financial stability, and enhance lending capacity.
“Recapitalisation through the capital market can help banks meet regulatory capital requirements, improve capital adequacy ratios, and increase lending capacity. This, in turn, will enhance financial stability and restore investor confidence,” the SEC boss added.
