The Securities and Exchange Commission (SEC) has announced its plans to release a comprehensive framework designed to guide the capital market through the proposed bank recapitalisation exercise.
This announcement was made by the acting Director General of the SEC, Emomotimi Agama, during a meeting with the executives of the Institute of Capital Market Registrars in Abuja on Friday.
Speaking at the meeting, Agama emphasized the commission’s commitment to addressing all outstanding issues in a manner that serves the best interests of the market. “We are on top of the issues around the recapitalisation exercise.
Very soon, we will come up with a framework to guide the market. The idea is to interact with you all.
There may be things hanging, and due to the transition, we do not want to miss anything. It will still be attended to in the interest of the market,” Agama stated.
He further highlighted the collaborative approach the SEC intends to take, stressing the importance of working together with various sectors of the capital market to ensure a smooth transition.
“We will come up with a framework to move the market. We are in this together, and we will continue to work and do our best. This is our constituency, and we will do our best. We crave your cooperation to help us deal with major challenges,” he added.
One of the critical challenges the SEC aims to tackle is the issue of unclaimed dividends. Agama described unclaimed dividends as a “monster” that must be dealt with urgently. He called on registrars to adopt technology as a key solution to this persistent problem.
“Unclaimed dividends are a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it. Let us put our thoughts together and provide a workable solution; let us ensure that this becomes a thing of the past. We need to provide a solution, and the time is now. As custodians, we implore you to provide practicable steps to address this issue,” Agama urged.
Supporting this stance, SEC’s acting Executive Commissioner of Operations, Bola Ajomale, noted that technology adoption is the most effective approach to ensuring punctuality and sanitizing the system.
Ajomale reiterated the importance of modernizing processes to enhance efficiency and transparency in the capital market.
The President of the Institute of Capital Market Registrars, Seyi Owoturo, responded positively to the SEC’s initiatives. He congratulated the new SEC management on their appointment and pledged that the registrars would act in the best interests of the capital market.
“I congratulate the new SEC management on their appointment, and I pledge that the registrars will continue to work in the interest of the capital market,” Owoturo stated.
This upcoming framework is expected to provide clear guidelines and a robust structure for the recapitalisation of banks, aimed at bolstering financial stability and investor confidence.
As the SEC prepares to unveil this framework, stakeholders across the capital market are keenly anticipating its release, hopeful that it will address current challenges and lay a strong foundation for future growth.
