The Securities and Exchange Commission (SEC) has announced that over N2.7 trillion has been raised in Nigeria’s capital market by banks and other companies, with approximately N1.7 trillion raised by banks through their recapitalisation exercises.
The figure includes equity capital but excludes the amount raised by funds managers in the capital market.
This was disclosed by the Director-General of SEC, Emomotimi Agama, during the 2024 SEC Journalists Academy held under the theme, “Fintech: Leveraging Technology to Drive Capital Market Participation.”
Agama also noted the critical role of the capital market in addressing Nigeria’s development financing needs.
Speaking to the success of the the recapitalisation exercise, Agama stated that, “About N1.7 trillion has been raised so far from the market. This exercise will enhance financial stability, bolster investor confidence, and improve the Nigerian economy.”
He further noted SEC’s collaboration with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the Financial Action Task Force (FATF) grey list.
