To boost growth level in the year and going forward, the Securities and Exchange Commission (SEC) has streamlined measures aimed at simplifying the process for companies to list on the Nigerian Exchange.
This regulatory shift comes in response to a call from SEC’s Director-General, Dr. Emomotimi Agama, urging more companies to consider listing on the exchange. He reaffirmed his leadership’s commitment to ensuring a swift issuance process for companies seeking market entry, with clear and concise timelines for approvals.
He assured that the Commission would provide ongoing guidance to applicants, ensuring timely feedback and maintaining transparency throughout the process.
The SEC’s efforts are closely aligned with the Central Bank of Nigeria’s (CBN) ambitious $1 trillion economic agenda, which underscores the vital role of the capital market in driving economic growth.
In September 2024, Dr. Agama outlined the SEC’s initiatives, which include streamlining the registration process, introducing electronic filing systems, and revising regulatory frameworks to better align with current market dynamics.
Dr. Agama emphasised that these enhancements to the listing process were designed to increase market liquidity, stimulate economic expansion, and reinforce investor confidence.
“The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to eliminate delays typically associated with manual processes,” the SEC boss stated.
Highlighting the pivotal role of technology in automating procedures, thereby enhancing transparency, Dr. Agama said: “This involves the use of electronic platforms for document submissions and approvals, which not only expedites the process but also ensures greater transparency.”
He further underscored the SEC’s commitment to regulatory reforms aimed at simplifying the approval process. These reforms include updating rules to reflect the realities of modern markets and adopting international best practices that enhance efficiency.
Only recently, the Commission established frameworks to support the ongoing bank – ing recapitalisation process, ensuring a seamless and transparent capital-raising process for financial institutions.
On August 15, the Commission also approved recapitalization offers from several commercial banks, marking a critical milestone in the recapitalization effort to consolidate Nigerian banks against growing economic headwinds.
According to the SEC boss, the reform initiatives are being introduced to enhance the competitiveness and efficiency of the Nigerian capital market, positioning it as a pivotal player in Nigeria’s broader economic aspirations.
He disclosed that the Commission was working on digital transformation initiative including the electronic submission and processing of securities applications to mitigate delays.
The Commission has introduced a checklist review process for registering fixed-income securities, significantly reducing review and approval timelines.
