The Securities and Exchange Commission (SEC) has disclosed that banks have collectively raised about N1.682 trillion via e-offering in the ongoing recapitalisation exercise.
The Director General of SEC, Emomotimi Agama, made this disclosure during the recently concluded Chartered Institute of Stockbrokers Conference held in Ibadan, Oyo State.
According to him, the amount was raised in 12 applications by nine banks while some applications are still open pending.
Agama emphasised that technology is a significant enabler in the capital market and a crucial tool for fostering growth, adding that the Commission is committed to leveraging technology to deepen the market.
“What you have seen so far is the use of technology to drive the market with more investors coming into the market. As you are aware, we just launched the e-offering platform that ensured the offering processes for banks. That tells you what technology can do.”
He further noted that a $1 trillion economy is achievable, given President Bola Tinubu’s commitment to revamping various sectors of the economy.
