The Securities and Exchange Commission (SEC) has said that the digitization of the capital market will be instrumental in establishing new standards for capital raising in Nigeria.
According to SEC, the initiative is expected to significantly contribute to the current administration’s goal of achieving a US$1 trillion economy.
Dr. Emomotimi Agama, the Director-General of SEC, stated this during a press briefing and stakeholder engagement session on the NGX E-Offering Platform held at the Nigerian Exchange Group House in Lagos on Wednesday.
Agama also noted that the digital transformation initiative will help to address knotty issues of unclaimed dividends in the country.
“I would like to commend NGX Group and all partners on this development. This digital transformation initiative is a testament to our shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in the Capital Market Masterplan,” he said.
He noted that by leveraging technology, the Nigerian capital market can attract the younger generation of investors, enhance regulatory oversight, and create a world-class market.
“This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market to support the achievement of the US$1 trillion economy target of the current administration.
Why should there be unclaimed dividends? This is going to help us address that problem. Any issues associated with payments can be managed because we are connected to the payment gateway and have the necessary payment infrastructure in place,” he said.
Agama emphasized the complexity of the financial market infrastructure, which includes the payment system, depository, exchanges
