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The Securities and Exchange Commission (SEC) and Nigerian Exchange Group Plc (NGX Group) have reaffirmed their commitment to the comprehensive digitization of Nigeria’s capital market, in line with the revised Capital Market Masterplan’s transformation strategy.
The announcement was made during a press briefing and stakeholder engagement session at the NGX in Lagos.
Both organizations outlined their collaborative efforts to develop a digital solution aimed at revolutionizing the primary market equity capital-raising process, focusing on public offers and rights issues.
Pending SEC approval, this innovative platform represents a significant leap forward in digitizing the capital raising process for issuers. Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence, ease of use and accessibility, faster information dissemination, and seamless regulatory compliance, among other features.
Dr. Emomotimi Agama, Director-General of SEC, addressed stakeholders, saying, “I commend NGX Group and all partners on this development. This digital transformation initiative underscores our shared commitment to fostering an innovative, efficient, and reliable capital market, as outlined in the Capital Market Masterplan. By leveraging technology, we can attract a younger generation of investors, enhance regulatory oversight, and create a world-class market. This digitization will set a new standard for capital raising in Nigeria and support the capital market in achieving the current administration’s US$1 trillion economy target.”
Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the platform’s significance, stating, “This platform marks a pivotal moment in the evolution of the Nigerian capital market. With the support of the regulator and our stakeholders, we have developed an end-to-end digitized market infrastructure for distributing financial products, specifically public offers and rights issues. I assure the investing public that robust payment systems, comprehensive Know Your Customer protocols, and strong fraud and risk management measures are fully integrated, ensuring that standard capital market intermediation is upheld without compromise.”
This digital transformation is set to enhance the Nigerian capital market’s efficiency and reliability, attracting a broader range of investors and facilitating the country’s economic growth goals.
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