Recapitalisation: Banks raise N1.68tr through e-platform

About N1.682 trillion has been raised by banks through the recently launched e-offering platform as part of their recapitalisation efforts.

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama made this known yesterday at the Chartered Institute of Stockbrokers (CIS) Conference in Ibadan, Oyo State.

The sum, according to a statement by the SEC, was achieved through 12 applications submitted by nine banks.

Agama, who noted that technology played a critical role in achieving the milestone, described it (technology) as a key enabler of the capital market’s growth.

He said: “The e-offering platform was pivotal in ensuring the success of the banks’ recapitalisation exercise, enabling over N1.7 trillion to be raised.

“This demonstrates the power of technology, which we are also leveraging for monitoring, surveillance, and other market activities to strengthen the cohesion of our policies and drive market growth.”

The commission’s boss acknowledged several initiatives implemented by the SEC to improve efficiency and reduce time to market for capital offerings.

These include streamlined registration processes, an electronic filing system, and enhanced regulatory frameworks.

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