Banking & Finance

Exchange Commission moves to curb illicit funds in banking recapitalisation

The Securities and Exchange Commission has revealed its stance against the admittance of illicit funds into the capital market through the fresh banking recapitalisation exercise.

The Executive Director (Operations) of the commission, Dayo Obisan, revealed this on Thursday at a symposium organised by the Association of Capital Market Academics of Nigeria, with the theme ‘Banking Sector Recapitalisation Implications for the Nigerian Capital Market’.

Obisan revealed that the commission had a positive outlook on the banking sector recapitalisation exercise and was motivated to work with stakeholders to achieve a smooth process. He said, “For us at the SEC, it is all positive. The journey has already started. So, beyond the announcement, there are a lot of things that have been happening behind the curtains and will keep happening so that we have a successful and flawless recapitalisation exercise that would be borne of experience, towards a more favourable and positive environment. We will continue to learn from some of the things we didn’t do too well and from some of the things we did relatively okay, some of the things we can improve on and some of the things we shouldn’t go near at all.”


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