The Nigerian Security and Exchange Commission, SEC, says it is committed to supporting and promoting innovation in the capital market in order to attract funds to develop the country.
The Director General, SEC, Dr. Emomotimi Agama gave the commitment at the 2024 SEC Journalists Academy held in Abuja.
He said for the country to attract the needed funds, the Commission is ensuring that it’s regulations are efficient, effective and stakeholder-friendly.
“This effort ensures that our regulatory framework is inclusive and forward-looking. More importantly also, it is to ensure that we encourage innovation and we do not stifle innovation by reason of regulation. Regulation that is dynamic. Regulation that speaks to the future of the capital market. Regulation that will bring about increased wealth and dedication to the growth of the Nigerian capital market. We have consistently made improvements on how we regulate the markets due to their dynamic nature,” he said.
Speaking on efforts to improve the market, the SEC Boss disclosed that it has reduced Time to Market to 14 days.
Time to Market (TTM) is the total length of time it takes to bring a product from conception to market availability.
“We’ve also been able to reduce time to market to a significant time period of 14 days. It’s a milestone yet to be achieved by any other person or any other administration in the history of this capital market. We’ve been able to do that with the help of dedicated, reinforced, reintegrated staff of the SEC.”
Dr. Emomotimi hinted that the Commission was collaborating with relevant stakeholders to enhance the credibility of Nigeria’s financial landscape.
“The SEC is also actively working with the Nigerian Financial Intelligence Committee to ensure Nigeria exceeds the FATF rating. This is crucial for the development of the financial sector. This collaborative effort when successful will ensure the international financial credibility of the Nigerian financial system and a better economic solution. The good news is that the last meeting of the FATF showed significant progress of Nigeria in an attempt to exceed the grey list.”
He explained that the Security and Exchange Commission is mainstreaming the capital market into every facet of the Nigerian economy to promote development.
He therefore restated the Commission’s readiness to implementing the revised capital market master plan, 2021-2025 and prioritize stakeholder engagement, awareness creation, capacity building, and developing regulatory frameworks that support innovative markets.
Hauwa Abu
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