SEC hastens approval processes to enhance growth

• Ooni hails capital market growth
Securities and Exchange Commission (SEC) has reduced the time required for companies to secure approvals to14 days, a move aimed at enhancing efficiency and strengthening the Nigerian capital market’s role in economic development.

The Director-General of SEC, Dr Emomotimi Agama, who revealed this, said: “One of the major challenges before we assumed office was the prolonged time it took issuers to obtain approvals to raise capital.

“The capital market is the lifeblood of any economy, and time is a crucial factor. We tackled this issue head-on and have successfully shortened the timeline, making the market more responsive.”

Agama highlighted the success of the recent banking recapitalisation exercise, where banks raised over N2.2 trillion through the capital market using the e-offering platform.

He emphasised that the commission’s proactive measures ensured issuers faced no delays, as applications were processed swiftly.

“In addition, all of these transactions were fully subscribed, demonstrating confidence in the system.

MEANWHILE, the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, has said that Nigeria’s capital market has been repositioned for better foreign investment inflow through the closing of arbitrage between parallel market and official market.

Oba Ogunwusistated this in Abuja, while hosting a 30-man delegation from the Republic of Kazakhstan, comprising business gladiators and top government functionaries, led by the Deputy Minister of Foreign Affairs,Mr Alibek Kuantyrov.

A statement by Ooni’s Director of Media and Public Affairs, Moses Olafare, yesterday, said the monarch commended President Bola Tinubu, saying the hardship resulting from his bold economic reforms was gradually yielding fruits for Nigerians.

As the chairman, Nigeria-Kazakhstan Business Council, Oba Ogunwusi also noted that last year’s meeting between Tinubu and his Kazakhstan counterpart birthed the current bilateral relationship between the two countries.

Also at the event, the Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, lauded Ooni for his leadership of the traditional institution in Nigeria, confirming an earlier report by the media that food prices in the country had crashed by 40 per cent.