The Securities and Exchange Commission (SEC) has confirmed it approved a total of ₦3.68 trillion in new issuances between January and December 2024.
The figure was disclosed by the Director-General of the SEC, Dr. Emomotimi Agama, during the first quarter Capital Market Committee (CMC) meeting held in Lagos.
According to Dr. Agama, the approved issuances comprised ₦59.82 billion in fixed income and ₦3.62 trillion in equity offerings. The equity segment remained the dominant contributor, indicating robust participation from both issuers and institutional investors.
“For the full year 2024, the Commission approved new issues amounting to ₦3.68 trillion. This included ₦59.82 billion from debt instruments and ₦3.62 trillion from equity-related transactions,” Agama stated.
He further noted that for the four-month period between January and April 2025, the SEC had cleared additional new issues valued at ₦446.38 billion. Of this, ₦265.90 billion was raised through fixed income instruments while ₦180.48 billion was mobilised via equities.
In terms of shareholder returns, listed companies on the Nigerian Exchange declared a total of ₦1.1 trillion in dividends for the 2024 financial year. Out of this figure, ₦1.0 trillion has already been disbursed to investors, reinforcing confidence in the capital market as a viable platform for wealth creation.
“The dividend payout reflects the improving profitability and resilience of listed companies. It also underscores the effectiveness of the Commission’s oversight in strengthening market integrity and corporate governance,” Agama added.
On mergers and acquisitions, the SEC approved 11 transactions in 2024 with a cumulative deal value of ₦320.36 billion. Notable among these was the acquisition of a 58.02% equity stake in Guinness Nigeria Plc by Seven-Up Nigeria Ltd, valued at over ₦103.7 billion.
Other significant corporate actions included:
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A ₦105 billion scheme of arrangement involving Flour Mills of Nigeria Plc;
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A share capital reconstruction by Transnational Corporation Plc involving a one-for-four share consolidation, valued at ₦5.08 billion;
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Three corporate restructuring transactions;
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Two share capital restructurings;
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One takeover bid;
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Four fresh security registrations.
The Commission attributed the growth in deal volume and transaction value to increased market confidence, clarity in regulatory processes, and improvements in macroeconomic stability.
Market analysts have welcomed the SEC’s latest disclosures, noting that the capital market’s role in resource mobilisation is gaining traction, particularly as companies seek to reduce reliance on commercial lending and diversify funding sources.
The SEC reiterated its commitment to maintaining a transparent, efficient, and investor-friendly market, while urging listed entities to strengthen compliance with disclosure requirements and protect investor rights.
As capital market activity continues to accelerate in 2025, the Commission is expected to introduce more reforms focused on deepening product offerings, enhancing investor education, and strengthening enforcement frameworks to protect the integrity of Nigeria’s capital formation ecosystem.
