Would you like to receive notifications on latest updates of the following headlines?

CBN,NDIC,SEC partner to streamline bank's recapitalisation process

POSTED ON September 3, 2024 •   Business      BY Abiodun Saheed Omodara
CBN headquarters, Abuja l Credit: File photo

The Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC) have joined forces to streamline the bank recapitalisation process, aiming to enhance efficiency and transparency within the financial sector.

A statement by the Director General of SEC, Emomotimi Agama, highlighted that the collaboration was part of a broader efforts to reduce the time to market capital-raising activities, making the Nigerian capital market more attractive to investors and issuers alike.

Agama explained that several initiatives had been implemented, including the introduction of an electronic filing system, streamlined registration processes, and updated regulatory frameworks.

“The new framework outlines the guidelines and procedures banks must follow to raise capital, ensuring a smooth and transparent process,” Agama said.H

He added that the use of an e-offering platform, mandated by the framework, was designed to enhance the efficiency of the recapitalisation programme by providing an end-to-end solution for offering, subscription, and payment processes.

This digital approach, according to Agama, will eliminate multiple identities, reduce the potential for unclaimed dividends, and speed up the overall process, benefiting both companies and investors.

He noted that a joint team comprising representatives from the CBN, SEC, and NDIC had been established to facilitate the recapitalisation programme, particularly in areas such as capital verification, which is a prerequisite for allotment clearance.

Agama expressed satisfaction with the progress made so far and pledged that the SEC was committed to unlocking the full potential of the Nigerian capital market.

He emphasised that the ongoing reforms were aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, aimed at driving economic growth and development.

“We are dedicated to ensuring that the capital market is well-positioned to contribute to Nigeria’s economic development. Time to market will be a key focus, and we will continue to improve our processes to ensure swift approvals for issuances,” Agama concluded.

According to Agama, these measures are crucial for increasing liquidity in the market, as they allow companies to access capital more quickly and efficiently.

He noted that the CBN, SEC, and NDIC were working closely to ensure that banks could raise capital seamlessly during the recapitalisation period, in line with the new framework issued by the SEC in June 2024.

READ ALSO
Nigeria's 2024 Budget Capital Extension Draws Criticism from Economists
BY Abiodun Saheed Omodara June 25, 2025 0

The Senate and House of Representatives have once again prolonged the implementation of the capital...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 23, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...

READ ALSO
Palm Oil Trade Boosting Bilateral Ties with Nigeria - Malaysia’s Envoy
BY Abiodun Saheed Omodara June 23, 2025 0

The High Commissioner of Malaysia to Nigeria, Aiyub Omar, has reveal that  the thriving pa...

READ ALSO
African Energy Chamber Urges World Bank to Lift Ban on Upstream Oil and Gas Financing
BY Abiodun Saheed Omodara June 19, 2025 0

The African Energy Chamber (AEC) has called on the World Bank to lift its ban on financing upstream...

READ ALSO
FG to Reclaim Dormant Oil Wells as NUPRC Implements 'Drill or Drop' Policy
BY Abiodun Saheed Omodara June 13, 2025 0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has informed oil producers of its inte...

OUR CHANNELS:

Nigeria's Gemstone Potential: A Deep Dive into 10 Rare Minerals and Their Regions of Origin
BY Abiodun Saheed Omodara June 24, 2025 0

Nigeria is making waves with a revolutionary $400 million Foreign Direct Investment dedicated to cre...


IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...


EFCC Charges Businessman, Company with $75,000 Fraud
BY Abiodun Saheed Omodara June 24, 2025 0

A businessman, Peter Otomewu, along with his company, Pebeto Enerji Limited, was brought before the...


Osimhen Willing to Join Manchester United for Under £200,000 a Week
BY Abiodun Saheed Omodara June 24, 2025 0

Victor Osimhen is reportedly willing to accept a weekly wage of just under £200,000 at Manches...


Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 25, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...


French Police Arrest 12 over Alleged Drugging of Women at Music Festival
BY Abiodun Saheed Omodara June 24, 2025 0

French police have arrested 12 individuals suspected of drugging female festivalgoers during the ann...


NATO Warns Iran Against Nuclear Weapon Development Amid Rising Tensions
BY Abiodun Saheed Omodara June 24, 2025 0

In a renewed effort to curb escalating violence in the Middle East, the North Atlantic Treaty Organi...


Mertens Announces Retirement from Football, Cites Age and Fatigue
BY Abiodun Saheed Omodara June 24, 2025 0

Belgian football star Dries Mertens has officially announced his retirement from professional footba...


Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 24, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 24, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


More Articles

Load more...

Menu