The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that the commission is adopting blockchain technology to boost trust and transparency in the capital market.
Agama, who was represented by the Head of Legal and Compliance Division of the Lagos Zonal Office, John Achile, made this known at the annual conference of the Capital Markets Correspondents Association of Nigeria on Saturday in Lagos.
Speaking on the topic “Recapitalization of Banks: Bridging the Gap between Investors and Problems in the Nigerian Capital Market”, he noted that the adoption of blockchain technology would ensure trust.
He said: “Leveraging innovation for inclusive growth is key to closing the gap between issuers and investors. Digital platforms have improved market accessibility, allowing even retail investors in remote areas to participate in recapitalization exercises.
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“The SEC is exploring the integration of blockchain technology for secure and transparent transaction processing, a step that will redefine trust in the market.”
According to the SEC Director General, the oversubscription of the majority of recapitalization offerings in 2024 is a testament to strong investor confidence.
Achile, quoting the CEO, said: “To maintain this momentum, the SEC has intensified its efforts to improve disclosure standards and corporate governance practices. Expanding financial education campaigns and collaborating with financial technology companies to offer low-income investment options will democratize access to the capital market.
“The SEC remains steadfast in its mission to create an enabling environment for smooth and transparent capital formation. Our efforts are based on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalization, ensuring timely review and approval of applications, and improving oversight. regulatory framework to protect investors while promoting market integrity.”
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