SEC to issue framework to guide banks recapitalization

(Last Updated On: )

The Securities and Exchange Commission (SEC) has said that it will soon roll out framework that will guide the capital market in the proposed recapitalisation exercise by banks.

The Acting DG of SEC, Dr. Emomotimi Agama disclosed this during a meeting with the executives of the Institute of Capital Market Registrars in Abuja at the weekend.

He stated that “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 Commission is willing to interact with various segments of the capital market to ensure that all pending issues are resolved in the interest of the market.”

He said, “We will hold stakeholder’s meetings where we will speak to everyone, and stakeholders will also have the opportunity of interfacing with us.

“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 commended the FG for the opportunity to serve before formally being cleared by the Senate in order for continued activities in the capital market.

According to him, we see it as an opportunity to be asked to act before our confirmation, it is not normal. In this case, we needed to deal with challenges and that’s why the government thought it wise for us to come in and work in an Acting capacity.

It shows how important the capital market is to the administration of President Bola Tinubu, and we do not take this opportunity for granted.

“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 assist us deal with major challenges.”

Agama implored the Registrars to embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past.

Also speaking, the acting executive commissioner of operations of SEC, Mr. Bola Ajomale urged the registrars to embrace technology which he said is the best way to ensure timeliness and sanitise the system.

He said “You are a major central point that we have worked with over time. There is risk because technology is competing with you. It will be useful to talk to your members to embrace technology as that is the best way to make life easy for everyone is to sanitise the system.”

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