As banks begin the push to raise capital following the directive of the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group have unveiled digital solutions for the capital-raising process, focusing on public offers and rights issues.
At the unveiling, the NGX stated that the platform represents a major advancement in digitizing the capital-raising process for issuers.
Experts say stakeholders would benefit from the enhanced efficiency, streamlined and due diligence capabilities, ease of use and accessibility, faster information-sharing, and seamless compliance with regulatory requirements embedded in the platform.
The DG of the SEC, Emomotimi Agama, commended the NGX for its innovative platform during a press briefing on Wednesday, July 26, 2024.
According to reports, the Group Managing Director and Chief Executive Officer of the NGX, Temi Popoola, stressed that the platform is very pivotal, saying that it is a critical moment in the evolution of the Nigerian capital market.
The NGX boss said the platform contains an end-to-end digitized market infrastructure for distributing financial products, especially public offers and rights issues.
He disclosed that the platform is designed to raise retail engagement in the capital market, enhance financial inclusion, and grow the available capital pool.
TimesNow.com.ng reported earlier that the NGX also launched a USSD platform to allow Nigerians to own quoted firm shares.
Popoola disclosed this during the annual review and preview of the capital market on Thursday, January 27, 2023.Â
According to him, USSD (shortcode) is a collaborative arrangement championed by the NGX in partnership with telecommunication companies, banks, and other stakeholders.Â
The Nation reports that Popoola also said the USSD code will further digitise stock market operations and deepen market activities.Â
TimesNow.com.ng previously reported that the Nigerian Exchange Limited (NGX) slammed a N76.8 million fine on nine quoted firms for failing to file their audited financial statements after the due date.
Reports disclose that the companies were punished for not meeting the regulatory requirements for the year-end 2022 and 2023 financials.
The X-Compliance Report, a transparency initiative of NGX Regulation Limited (NGX RegCo), is required to maintain market integrity and protect investors by providing compliance-related information on all listed firms.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
