The Securities and Exchange Commission has called for more companies to list on the Nigerian Exchange as part of efforts to strengthen the capital market and align with the Federal Government’s $1tn economy target.
The Director-General of the SEC, Emomotimi Agama, made this appeal during his first post-Capital Market Committee briefing held in Lagos at the weekend.
He emphasised the commission’s determination to encourage new listings while urging the exchanges to take proactive measures in attracting more companies to the market.
“We must encourage more companies to list on the exchange to enhance market liquidity and overall market activity. Expanding market participation through additional listings will unlock the full potential of Nigeria’s capital market, which aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration,“ Agama said.
The SEC boss outlined initiatives aimed at making the commission’s rule-making process faster and more efficient, stating, “These include defragmenting existing rules and codifying them into a comprehensive rule book.”
He added that the commission was updating regulations on digital assets, setting guidelines for the ongoing banking recapitalisation, and developing a framework for onboarding virtual assets service providers.
Agama urged capital market operators to invest in advanced technology to upgrade trading platforms and improve data dissemination.
“To maintain market competitiveness and efficiency, operators must embrace modern technology that can drive seamless trading and real-time information flow,” he averred.
On recent developments in the capital market, Agama revealed that the commission had approved nine new issuances, totalling N1.228tn. “In the fund management space, the Net Asset Value of Registered Mutual Funds grew by 111.08 per cent to N3.335tn, signalling sustainable growth,” he stated.