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The Securities and Exchange Commission (SEC) has announced a significant reduction in the timeframe for approving company offers, cutting the process down to just two weeks. This update was disclosed in a statement released on Monday in Abuja.
According to the commission, companies will now receive approval within 14 days, provided they submit all necessary documentation. This initiative is aimed at enhancing the efficiency of the capital market and strengthening its role in driving economic growth.
SEC emphasized that companies are no longer experiencing prolonged delays in their applications, thanks to various measures implemented to streamline the approval process.
“The capital market is the backbone of any economy, and time is a crucial factor in its regulation. One of our primary goals upon assuming office was to shorten the time to market. I am pleased to confirm that we have successfully reduced this from over a year to just 14 days,” the statement read.
The commission highlighted the success of the recent banking recapitalization exercise, where banks raised over N2.2 trillion from the capital market through the electronic offering platform.
“All of these transactions were fully subscribed, and we have actively promoted the use of technology. The e-offering platform has eliminated the need for paper applications, making the process more seamless and efficient. Moving forward, we aim to further improve these systems,” SEC stated.
Additionally, SEC acknowledged the effectiveness of the Nigerian Exchange’s (NGX) e-IPO system, which has facilitated faster approvals. The commission reaffirmed its commitment to leveraging technology to improve market operations, ensuring that all offers within the period were approved within the promised 14-day timeframe.
“This year, we will increase our reliance on technology to enhance our work and continue to protect investors while fostering market development,” the commission added.
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