The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, revealed yesterday that banks have raised approximately N1.682 trillion through e-offering in the ongoing recapitalisation exercise.
The Commission, in a statement on Wednesday, noted that Agama made this disclosure during the recently held Chartered Institute of Stockbrokers conference in Ibadan, Oyo State.
He explained that the launch of the e-offering platform played a key role in the success of the recent bank recapitalization exercise.
He noted that the N1.682 trillion was raised through 12 applications by nine banks.
He emphasised that technology is a crucial enabler in the capital market and a key driver of growth, adding that the Commission would continue to leverage technology in various ways to enhance its work and foster 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 N1.7 trillion was raised.
“That tells you what technology can do, we are also exploring technology for other activities, for monitoring and surveillance and other processes that will bring about a cohesion of all the policies that the SEC has applied to make the market grow bigger than it is today.”
