Securities and Exchange Commission (SEC), has said that it has introduced various initiatives to reduce time to market with the aim of improving the efficiency and attractiveness of the Nigerian capital market, promote economic growth and development.

Dr. Emomotimi Agama, director general, SEC, who stated this, said these initiatives include streamlined registration processes, introduction of an electronic filing system and enhanced regulatory frameworks among others.

Agama emphasized that shorter time to market can benefit capital market development in several ways like increased liquidity which will lead to faster listing allowing companies to access capital more quickly, increased liquidity in the market and enable companies to allocate resources more efficiently, thereby driving economic growth.

He stated: “Shorter time to market will also improve investor confidence because when the listing processes are efficient, it can enhance investor trust and confidence in the market.  A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth’’.

Explaining further, he said, “The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to reduce delays caused by manual processes. This involved the use of electronic platforms for document submissions and approvals, which not only speeds up the process but also improves transparency.

“We have undertaken regulatory reforms aimed at simplifying and streamlining the approval processes. These reforms include updating rules and regulations to reflect current market realities and adopting international best practices that enhance efficiency. For instance, the Commission introduced checklist review for registration of fixed income securities, thereby shortening the review and approval timelines. The Commission launched and conducted a targeted bi-annual training for Issuing Houses to enhance time to market and fast-track review of applications”.

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) commends the Securities and Exchange Commission (SEC) of Nigeria for its recent granting of “Approval-in-Principle” to two digital asset exchanges under the Accelerated Regulatory Incubation Program (ARIP) and the admission of five firms into the Regulatory Incubation (RI) Program.

This progressive move will help Nigeria position itself as a leader in the digital asset space in Africa, providing a clearer and more robust regulatory framework that balances innovation with investor protection.

Designed by the SEC is to facilitate the onboarding of Entities that proposed to carry on virtual asset activities and whose applications have been filed with the Commission, the ARIP allows these platforms to continue operations while adhering to evolving regulatory requirements. By providing a regulatory “sandbox,” the SEC allows innovative digital products to be tested under supervision, ensuring both consumer safety and market integrity.

Toritseju Kaka, Chairman of SiBAN Caretaker Committee, reacting to the development, stated, “This initiative is a testament to the SEC’s forward-thinking approach to regulation. By creating a structured path for compliance, the SEC is not only protecting investors but also fostering a healthy and innovative digital economy.”

SiBAN strongly believes these steps will enhance trust in the digital asset ecosystem, drive foreign and local investments, and stimulate economic growth. As the digital asset market in Nigeria continues to grow, these initiatives provide much-needed clarity and assurance to all market participants, from new entrants to established firms.

We understand, from the SEC’s press release of August 29 2024, that apart from the entities that received Approvals-in-Principle, other applications received by the SEC are undergoing assessment and would be granted Approval-in-Principle on a case-by-case basis as they meet all SEC requirements.

For improved transparency, and consistent with global best practices, the SEC may consider stating the number of applications it received in the current cohort and also indicate when the next cohort will be opened for applications.

Meanwhile, SiBAN calls on all stakeholders in the industry, local and foreign, to embrace these regulatory frameworks and actively engage with the SEC to ensure full compliance and support for this new era of innovation. We encourage firms to leverage these programs to bring forward new ideas that can transform the financial landscape of Nigeria.

Polaris Bank has taken its tree planting initiative aimed at nationwide land restoration to Kano State working in partnership with the Nigeria Conservation Foundation (NCF).

Polaris Bank ED, Chris Ofikulu, & TASUED Dep VC, Prof. Adekunle Adeogun receiving the 3 tree species from the NCF Project Officer in Ijagun, Ijebu Ode, Ogun State on Monday.

The commemorative tree planting activity was held at Ajingi Community Reserve, Kunkurawa, Kano on Friday, August 30, 2024.

Recall that the Bank’s tree planting scheme commenced commemorating World Environment Day in June. The 2024 theme focuses on “Land Restoration, Desertification, and Drought Resilience.” The initiative took off at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.

In his goodwill message, Mahmud Kawu, Polaris Bank’s Divisional Head, North, representing the MD/CEO, expressed the Bank’s unwavering commitment to the tree-planting initiative, highlighting how deeply it aligns with their values and dedication to a greener future.

“At Polaris Bank, sustainability is more than a catchphrase; it’s the core of who we are. We are on a dedicated journey to uphold this ethos with conviction. Our commitment to sustainability is reflected in every aspect of our operations, from promoting responsible banking and empowering communities to tackling environmental challenges and driving economic growth.

We ensure that every decision we make, from investments to day-to-day operations, is rooted in strong Environmental, Social, and Governance principles (ESG)”.

Kawu explained that the partnership between the Bank and the NCF is borne out of its conviction to the Foundation’s dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation. He also encouraged residents to be key to the scheme to bring about sustainable environmental preservation.

“Today’s tree planting Initiative at Ajingi Community Reserve, Kunkurawa in collaboration with the Nigerian Conservation Foundation (NCF) is a testament to our commitment to environmental sustainability. The NCF, a renowned non-governmental organization dedicated to sustainable development and nature conservation in Nigeria. Polaris Bank shares its dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation.

This project aligns perfectly with the theme of the World Environment Day and in addition to reducing carbon footprints and enhancing our natural ecosystem, it aims to raise public awareness about the importance of environmental preservation.”

Kawu highlighted the benefits of the Bank’s tree-planting initiative to include the restoration of degraded areas, prevention of soil erosion amongst others.

“The benefits of our tree-planting initiative cannot be overemphasized. It contributes significantly to the restoration of degraded areas, the prevention of soil erosion, and the enhancement of the bio-diversity of the area. Additionally, by absorbing CO2 and helping to regulate the climate, trees play a crucial role in reducing overall carbon footprints.

“In conclusion, the tree-planting project is a testament to Polaris Bank’s dedication to environmental stewardship and community well-being, promoting a greener future through corporate responsibility,” he noted.