The Securities and Exchange Commission (SEC) yesterday reduced the time it takes for companies to get approval to raise funds in the capital market to 14 days.
The Director General of the SEC, Emomotimi Agama, in a statement by the Commission explained that the reduction in the time to market will ensure that the capital market is more efficient and better positioned to aid the development of the Nigerian economy.
Agama emphasized that before the current SEC management came on board it took over a year for companies to obtain such approvals.
“Since we came on board, it is instructive to say that we have helped propel the economy. One of the things that has been a challenge before we came to the saddle was time to market, issuers will come to the market and they will spend time before they get approval to be able to raise capital.”
Agama said the banking recapitalisation exercise, banks were able to raise over N2.2trn from the Nigerian Capital market using the e-offering platform.
