The Securities and Exchange Commission (SEC) says N1.682 trillion has been raised by banks through e-offering in the recapitalisation exercise.

Dr Emomotimi Agama, the Director- General of SEC, said this in a statement on Wednesday in Lagos.

The Central Bank of Nigeria (CBN) in March released new guidelines on the minimum capital requirement for banks operating in Nigeria.

This ranges from N50 billion to N500 billion, depending on the type of licence held by the bank and in total, approximately N4.

CBN said that the bank recapitalisation exercise was aimed at strengthening the financial institutions and achieving President Bola Tinubu’s one trillion dollar economic target.

The director-general stated that the launch of the e-offering platform had been instrumental to the success of the exercise so far.

He explained that the amount was raised in 12 applications by nine banks, while some applications were still open pending.According to him, technology is an enabler in the capital market and a prime tool for growth.

Agama added that the commission would continue to employ technology in different angles to aid its work and ensure a deeper capital market.

“What you have seen so far is the use of technology to drive the market with more investors coming into the market.

“We just launched the e-offering platform that ensured the offering processes for banks, and over N1.7 trillion was raised. That tells you what technology can do.

“We are also exploring technology for other activities, such as, monitoring and surveillance and other processes that will bring about a cohesion of all the policies that SEC has applied to make the market grow bigger,”he said.

He noted that the commission had implemented various initiatives to reduce time to market, including streamlined registration processes, introduction of an electronic filing system and enhanced regulatory frameworks, among others.The efforts, Agama said, were aimed at improving the efficiency and attractiveness of the Nigerian capital market, while promoting economic growth and development.

He said: “A shorter time to market can benefit capital market development in several ways, such as increased liquidity; faster listing allows companies to access capital more quickly and increase liquidity in the market.

“Improved investor confidence; efficient listing processes can enhance investor trust and confidence in the market.

“Enhanced competitiveness; a shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition, growth and better allocation of resources.

“Faster capital raising enables companies to allocate resources more efficiently, driving economic growth.

According to him, the one trillion dollar economy is feasible, especially with the drive and commitment of President in ensuring that other sectors of the economy are in full swing.

The SEC boss further said that the nation needs to diversify the economy beyond oil exports, by investing in infrastructure, human capital and innovation, to enhance the business environment.

Agama added that the country must also reduce regulatory hurdles, as well as promote financial inclusion and access to credit for SMEs and individuals.(NAN)