SEC: NGX floats digital platform to facilitate Nigeria’s $1tn economy
SEC: NGX floats digital platform to facilitate Nigeria’s $1tn economy
The Nigerian Exchange Limited, pending the approval of the Securities and Exchange Commission, has unveiled a digital platform to facilitate Nigeria’s trillion-dollar economy drive.
NGX made this announcement in a stakeholder meeting in Lagos on Wednesday.
According to NGX, the innovation is a significant advancement in digitizing the capital-raising process for Issuers and investors.
Commenting on the innovation, Emomotimi Agama, Director-General of SEC, said :“This digitization 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.”
On his part, Temi Popoola, the Chief Executive Officer of NGX Group, emphasized 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 digitized market infrastructure platform for distributing financial products, in this case, public offers and rights issues”.
The development as banks scrabble to meet recapitalization requirements announced by the Central Bank of Nigeria.
Recall that CBN in March 2024 raised the minimum capital requirements for Banks with a 24-month deadline.
SEC: NGX floats digital platform to facilitate Nigeria’s $1tn economy