SEC guidelines makes bank’s recapitalisation process transparent, stable- D-G
By Ginika Okoye
The Securities and Exchange Commission (SEC), says its guidelines on banking recapitalisation has made the process more transparent and easily accessible for citizens’ participation.
Dr Emomotimi Agama, the Director-General (D-G) of SEC, said this in a statement in Abuja on Sunday.
Agama said the management of the Commission was interested in integrity and transparency of processes, hence the provision of clear guide before the recapitalisation commenced.
The director general said this was the major ingredient of a transparent capital market.
He said the Commission had learnt few lessons from previous banks’ recapitalisation, saying that those lessons had led to the creation of a seamless environment for the process to thrive.
He said that apart from the introduction of the guidelines, the Commission also provided the needed technology to help deal with it.
”The banking capitalisation is a very important step by the government to strengthen the banks and indeed provide capacity for the banks to lend to the real sector for us to drive the economy.
”This is as provided for by the Renewed Hope Agenda and the design of President Bola Tinubu to turn out a one trillion dollar economy.
”So the guidelines have brought about stability, transparency to the recapitalisation process and public offerings have increased.
”You see the interest being galvanised by the actions of the SEC in trying to make sure that this is a success,” he said.
He said the Commission would continue to support the Central Bank of Nigeria (CBN) and to every institution that understood the value of the capital market.
”The capital market is indeed the barometer of the economy and the SEC is ready to live up to that bidding; I want a more sustainable industry,” he said.
Agama said the Commission was cooperating with the CBN, the Federal Inland Revenue Service (FIRS) and Office of the National Security ADVISER (NSA) to ensure a safe environment for investments to thrive.
He said the move was geared toward attracting the youth populace to the market.
Agama said that SEC had embraced innovations to make the capital market attractive to youths.
The director-general said that the Commission would continue to guide youths to unleash their potential in the area of Fintech. (NAN)
Edited by Ese E. Eniola Williams
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