Dollar to Naira News

SEC, NGX Group reinforce commitment to capital market digital transformation – Nigerian Tribune

by Kehinde Akinseinde-Jayeoba

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

The announcement came during a press briefing and stakeholder engagement session held at the Nigerian Exchange Group House in Lagos on Wednesday, where both organisations 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.

Dr Emomotimi Agama, Director-General of SEC, addressed stakeholders, stating: “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 to support the achievement of the US$1 trillion economy target of the current administration.”

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, 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. I can assure the investing public that robust payment systems, comprehensive know-your-customer protocols and strong fraud and risk management measures are fully integrated, also ensuring standard capital market intermediation is upheld without compromise.”

The digital platform aims to boost retail participation in the capital market, promote financial inclusion, and further deepen the pool of available capital. As banks seek to meet their updated minimum capital requirements through the primary markets, SEC and NGX Group have pledged to ensure an end-to-end streamlined process to assist banks and other issuers in achieving their business goals.

The collaborative effort between SEC and NGX Group marks a significant step forward in the modernisation of Nigeria’s capital market infrastructure, promising to enhance efficiency, transparency, and accessibility for all market participants.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

Related Posts

INTERVIEW: Access to loans low despite Nigeria’s progress in financial inclusion, says Upadhyay – The Cable News

By Desmond Okon As a partner at Flourish Venture, Ameya Upadhyay invests in disruptive organisations that create economic opportunities for people in emerging markets, focusing on Africa, and…

Non-interest banks borrow N52.31 billion from CBN in 2023 – Nairametrics

By Sami Tunji Non-interest banks borrowed N52.31 billion from the Central Bank of Nigeria (CBN) through the Funding for Liquidity Facility (FfLF) in 2023.  This is according to the 2023 Annual…

CBN Targets $1tn Economy By 2030 – Channels News

By Gloria Ume-Ezeoke The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the bank’s commitment to implementing policies that foster sustainable growth in the…

Bank Stocks Tumble as Investors, Analysts Fault Retroactive Finance Bill – This Day

By Nume Ekeghe and Kayode Tokede *Insist proposed legislation may reduce banks’ ratings, deter foreign investors Some banking stocks depreciated on the floor of the Nigerian Exchange Limited…

CBN directs banks to deposit unclaimed balances, funds in dormant accounts – The Cable News

By Busola Aro The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex…

Food crisis may further amplify Nigeria’s inflation-NESG – Business Day News

By Cynthia Egboboh Tayo Aduloju, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG) has called for a collaborative effort among governments to address the increasing…