Nigeria: SEC Launches Electronic Filing System to Accelerate Listing Processes

The Securities and Exchange Commission (SEC) has unveiled several initiatives designed to expedite the time it takes for companies to go to market, aiming to enhance the efficiency and appeal of the Nigerian capital market while fostering economic growth and development.

Speaking over the weekend, SEC’s Director General, Dr. Emomotimi Agama, highlighted these initiatives, which include streamlined registration processes, the introduction of an electronic filing system, and improved regulatory frameworks, among other enhancements.

Dr. Agama explained that reducing the time to market can significantly boost the development of the capital market. He noted that quicker listings would enable companies to access capital more swiftly, thereby increasing market liquidity and allowing businesses to allocate resources more efficiently. This, in turn, drives economic growth.

“Shorter time to market will also boost investor confidence,” Dr. Agama stated. “Efficient listing processes can enhance trust and confidence among investors. Additionally, a quicker time to market makes a jurisdiction more attractive to companies and investors, promoting competition and growth.”

Expanding on these efforts, Dr. Agama said, “The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to minimize delays caused by manual processes. This digital transformation involves using electronic platforms for document submissions and approvals, which not only accelerates the process but also enhances transparency.”

He added, “We have implemented regulatory reforms aimed at simplifying and streamlining approval processes. These reforms include updating rules and regulations to align with current market realities and adopting international best practices that improve efficiency. For example, the Commission introduced a checklist review for the registration of fixed-income securities, which has significantly shortened review and approval timelines. Additionally, we have launched targeted bi-annual training for Issuing Houses to further enhance the time to market and expedite the review of applications.”

These initiatives reflect SEC’s commitment to creating a more efficient and investor-friendly capital market in Nigeria.