The Director-General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama has disclosed that so far about N1.682 trillion has been raised by banks through e-offering in the bank recapitalisation exercise.
The Commission in a statement on Wednesday said Dr Agama made this disclosure on the sidelines of the recently held Chartered Institute of Stockbrokers Conference held in Ibadan, Oyo State.
He explained that the launch of its e-offering platform was instrumental to the success of the recent banks recapitalization exercise.
He noted that the amount was raised in 12 applications by nine banks while some applications are still open pending.
“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 for which over 1.7 trillion naira was raised.
“That tells you what technology can do, we are also exploring technology for other activities, for monitoring and surveillance and other processes that will bring about a cohesion of all the policies that the SEC has applied to make the market grow bigger than it is today”.
Agama stressed that the Commission has implemented various initiatives to reduce time to market, including streamlined registration processes: Introduction of an electronic filing system and Enhanced regulatory frameworks among others.
