The Securities and Exchange Commission (SEC) announced yesterday that it has shortened the approval process for companies seeking to raise funds in the capital market to just 14 days.
Dr. Emomotimi Agama, the Director General of the SEC, stated in a press release that this expedited timeline will enhance the efficiency of the capital market and better support the growth of the Nigerian economy.
Agama highlighted that prior to the current SEC leadership, companies faced processing delays exceeding one year for similar approvals.
He noted that the current administration has significantly improved economic performance by reducing time-to-market for capital acquisition, decreasing it from over a year to a mere fourteen days. This expedited process is crucial, as efficient capital markets are vital to economic and corporate health.
Agama also noted that during the banking recapitalization initiative, banks managed to raise over N2.2 trillion from the Nigerian capital market through the e-offering platform.
He highlighted that issuers have not faced delays in their applications, thanks to the various mechanisms the Commission has implemented to ensure prompt processing and timely approvals.
Plus, all transactions were fully subscribed, and we've pushed tech use—they used the e-offering platform, so no more paper applications! "We hope to get better by the day.”