Securities and Exchange Commission (SEC) has disclosed that banks and other companies raised over N2.7 trillion from the capital market in recent times.

The figure, which includes equity capital, excludes amounts raised by fund managers in the capital market.

Of the total amount, about N1.7 trillion was raised by banks through their recapitalisation exercises, according to the SEC.

Dr. Emomotimi Agama, director-general, SEC, shared these insights during the commission’s 2024 journalists academy, themed “Fintech: Leveraging Technology to Drive Capital Market Participation”.

He emphasised the importance of the event in promoting transparency, confidence, and awareness within the Nigerian capital market.

“In terms of equity rights and public issues within the capital market, the figure is closer to 2.3 trillion to 2.7 trillion. This excludes amounts raised or refinanced by fund managers and other funds generated during the year,” said the executive commissioner, operations, at SEC, Mr. Bola Ajomale, adding that, “So far, we have reached 2.7 trillion, and we are progressing steadily.”

Dr. Agama also emphasised the SEC’s collaboration with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the Financial Action Task Force (FATF) grey list. The effort is critical to strengthening Nigeria’s financial sector and maintaining international financial credibility.

He noted that SEC was among 11 government agencies in Nigeria that achieved 100% implementation of recommended reforms under the Presidential Enabling Business Environment Council (PEBEC). The reforms aim to improve service delivery, enhance transparency, and attract both foreign and domestic investors.

Dr. Agama highlighted notable shifts in macroeconomic indicators and stated that since the current SEC management assumed office, significant steps have been taken to reposition its operations. Key initiatives include: creation of specialized departments, enhanced regulation, and registration of capital market operators that has seen the onboarding of FinTech companies under its Regulatory Incubation Programmes (RIP and ARIP).

He also highlighted the SEC’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund as part of efforts to address Nigeria’s housing deficit. The fund supports affordable mortgage financing, aligning with the federal government’s One Million Homes Initiative.

He said SEC remains committed to implementing its Revised Capital Market Masterplan (2021-2025), focusing on stakeholder engagement, awareness creation, capacity building, and regulatory frameworks for innovative financial products.

Dr. Agama provided a glimpse into the Commission’s 2025 outlook, which will prioritize: Enhancing market transparency and investor confidence; leveraging financial technology for inclusion and innovation; and strengthening collaboration with domestic and international stakeholders to maintain financial stability.

By addressing key regulatory challenges and fostering innovation, the SEC aims to position the Nigerian capital market as a model of excellence and a driver of economic growth.

As part of the commemoration of 2024 International Fraud Awareness Week, PalmPay over the weekend organized anti-fraud walk in Ikeja area of Lagos aimed at educating Nigerians on the need to secure their personal transactions information against fraudsters.

Mr. Chika Nwosu, managing director, PalmPay speaking at the event expressed PalmPay’s commitment to ensuring a safe financial ecosystem as events like this are central to that mission.

“This global initiative underscores a pressing issue that touches individuals, businesses, and economies alike—fraud. This week serves not only as a reminder of the pervasive risks posed by fraud but also as a call to action to combat it through education, awareness, and collaboration.

“Fraud is more than just a crime, it is a systemic threat that undermines trust, compromises security, and disrupts progress. Its effects are far-reaching, impacting personal livelihoods and the integrity of businesses.

“As digital payment platforms rapidly expand across Nigeria, fraudsters have unfortunately seized the opportunity to exploit vulnerabilities in the system. Mobile, web, and POS channels are now prime targets for criminal activities. Recent statistics from the Financial Institutions Training Centre (FITC) reveal that over 11,500 fraud cases were reported in Q2 2024—a stark reminder of the growing sophistication and persistence of these threats.  These figures are more than numbers; they represent real people whose trust has been broken and whose finances have been compromised.

“Fraud prevention is a collective effort. Individuals, businesses, and governments must work together to build a robust defense against this menace.

“On the people side, we need to educate people on the need to safe guard their PIN because when you compromise your PIN if fraud happens from that end it will not be our fault. It is better we educate people to be aware so that they don’t compromise their PIN or password.

“At PalmPay, we recognize that combating fraud begins with awareness. That is why we have taken a proactive approach to ensure that our users and the broader community are equipped with the knowledge and tools they need to stay protected.

“Our campaign this week focuses on empowering individuals to safeguard their digital identities, spot fraudulent schemes, and take swift action when they encounter suspicious activities,” he stated.

He highlighted some of the key lessons for fraud prevention  to include:

1. Stay Informed: Regularly update yourself on emerging fraud tactics and the steps to counter them.
2. Protect Your Information: Safeguard personal and financial details, using strong passwords and secure platforms.
3. Verify and Report: Always verify requests for sensitive information and report suspicious activities promptly.
4. Educate Others: Share what you’ve learned with family, friends, and colleagues, creating a ripple effect of awareness.

At PalmPay, we are deeply committed to leading the fight against fraud. This commitment extends beyond our platforms and services. It is reflected in our efforts to collaborate with industry stakeholders, engage with communities, and invest in cutting-edge security technologies.

Kayode Falowo, Chairman of Greenwich Merchant Bank Limited, has been bestowed with the Sir Henry Fajemirokun Prize for Outstanding Leadership in recognition for actively promoting Nigerian-British bilateral trade.

The Award which seeks to celebrate and acknowledge business magnates and industry leaders who are instrumental in driving bilateral trade forward was presented at the Nigerian-British Chamber of Commerce (NBCC) 2024 Presidential Dinner & Award Ceremony, held in Lagos on the 20th of November, 2024.,

As part of his leadership roles, Falowo is the immediate past President and Chairman of the Council of the Nigerian-British Chamber of Commerce.

A seasoned Investment Banker who is very passionate about the development of the Capital Market in Nigeria, he was also a Council member of the Nigerian Stock Exchange and once served as the Chairman of the Capital Market Committee on Products and Business Development.

Falowo currently sits on the Board of the National Association of Securities Dealers (NASD) Plc, where he is also the Chairman of the Rules Committee.

Meanwhile, the Chairman of Greenwich Merchant Bank also received another award for his contribution to the success story of the Anglican Diocese of Lagos West in the past 25 years.

Speaking on the commitments to supporting businesses between the countries, the NBCC President, Ray Atelly commended the recipients of the various categories of Awards for actively promoting Nigerian-British trade relations.

“Tonight, we celebrate the achievements of individuals, private-sector giants, and corporations who have not only excelled in their respective fields but have also actively promoted Nigerian-British trade relations.

“They have elevated standards, driven innovation, and demonstrated the profound impact of collaborative success. Our awardees tonight embody the spirit of progress.

“Their successes affirm the power of dedication, resilience, and the far-reaching impact of a shared vision,” Atelly said.

Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, and other stakeholders who commended the Award recipients also underscored the importance of advancing bilateral trade relations between Nigeria and UK.

Oduwole said the Federal Government was committed through reforms, trade facilitation, investment promotion and industrial policy to drive economic diversification and inclusive growth.

She said that the government aligned with the NBCC initiative to ensure that Nigerian businesses were well positioned to compete globally while benefitting from Britain’s trade investment and expertise.

The Miniter noted that the trade relationship between both countries was valued at 7.5 billion pounds with Nigeria exporting approximately 2.5 billion annually.