SEC, NGX reinforce commitment to capital market digital transformation

The Securities and Exchange Commission (SEC) and Nigerian Exchange Group Plc (NGX Group) have reaffirmed their dedication to the capital market, digitisation, aligning with the transformation strategy outlined in the revised Capital Market Masterplan.

They made the announcement in Lagos during a press briefing and stakeholder engagement session held at the Nigerian Exchange Group House.

The apex regulator of capital market and Nigerian Exchange detailed their collaborative efforts to develop a digital solution aimed at transforming the primary market equity capital-raising process, with a focus on public offers and rights issues.

Subject to SEC approval, this innovative platform represents a significant advancement in digitising the capital raising process for Issuers. Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features.

Director-General of SEC, Dr. Emomotimi Agama, while addressing stakeholders during press briefing said “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. By leveraging technology, we 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 support the achievement of the US$1 trillion economy target of the current administration.”

Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, emphasised 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 digitised market infrastructure platform for distributing financial products, in this case public offers and rights issues.”

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