SEC to Unveil Framework for Bank Recapitalisation
The Securities and Exchange Commission (SEC) has announced its intention to release a comprehensive framework to steer the capital market through the forthcoming bank recapitalisation exercise. This initiative was revealed by the acting Director General of the SEC, Emomotimi Agama, during a meeting with the executives of the Institute of Capital Market Registrars in Abuja on Friday.
Agama emphasised the commission’s commitment to resolving outstanding issues in the best interests of the market, ensuring a smooth transition. “We are on top of the issues around the recapitalisation exercise. Very soon, we will come up with a framework to guide the market,” he stated. He highlighted the importance of continuous interaction with various sectors of the capital market to ensure no critical issues are overlooked.
“We will come up with a framework to move the market forward. We are in this together, and we will continue to work diligently. This is our constituency, and we will do our best. We crave your cooperation to help us tackle major challenges,” Agama added.
He also urged the registrars to embrace technological solutions to address the persistent issue of unclaimed dividends in the capital market. “Unclaimed dividends are a monster that we must deal with now. Whatever it takes to resolve this, we must do it. Technology is one of the key ways to address it. Let us collaborate to provide a workable solution and ensure this issue becomes a thing of the past,” he said.
Echoing this sentiment, SEC’s acting Executive Commissioner of Operations, Bola Ajomale, stressed that adopting technology is crucial for ensuring efficiency and maintaining a sanitised system.
Seyi Owoturo, President of the Institute of Capital Market Registrars, pledged the registrars’ commitment to acting in the capital market’s best interests. “I congratulate the new SEC management on their appointment, and I assure you that the registrars will continue to work for the benefit of the capital market,” he affirmed.
