The Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, disclosed that about N1.682 trillion has been raised by banks through e-offering in the bank recapitalisation exercise.

The commission, in a statement, said Agama made this disclosure at the Chartered Institute of Stockbrokers Conference held in Ibadan, Oyo state.

He explained that the launch of its e-offering platform was instrumental to the success of the recent banks’ recapitalisation exercise.

Agama noted that the amount was raised in 12 applications by nine banks while some applications are still open and pending.

He pointed out that technology is an enabler in the capital market and a prime tool for growth, adding that the commission would continue to employ technology from different angles to aid its work and ensure a deeper capital market.

“What you have seen so far is the use of technology to drive the market with more investors coming into the market. As you are aware, we just launched the e-offering platform that ensured the offering processes for banks for which over 1.7 trillion naira was raised.

“We are also exploring technology for other activities, for monitoring and surveillance and other processes that will bring about the cohesion of all the policies that the SEC has applied to make the market grow bigger than it is today,” he was quoted.