OSHIOMHOLE CONVINCED US TO MAKE OBASEKI GOVERNOR- PHILP SHAIBU. (PHOTO).

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  Oshiomhole Convinced Us To Make Obaseki Governor – Philip Shaibu Philip Shaibu, the former Deputy Governor of Edo State, has disclosed that his choice to support his former boss, Godwin Obaseki, stemmed from his respect for Adams Oshiomhole, the former National Chairman of the All Progressives Congress (APC). According to Naija News, Shaibu shared his doubts about Obaseki during an interview on Channels Television’s Political Paradigm program on Tuesday. Shaibu admitted that he lacked confidence in Obaseki's leadership even before they took office on November 12, 2016. He explained that despite his initial hesitations, he ultimately backed Obaseki out of respect and based on the assurances provided by Oshiomhole. He stated, “Obaseki is not a politician. We made him governor because Oshiomhole persuaded us. I was not among those who thought he should not be governor; it was because I didn’t have faith in him. “When he was nominated to run, I was the last person to oppose him, but ...
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SEC CUTS CAPITAL MARKET APPROVAL TIME TO 14 DAYS FOR COMPANIES. (PHOTO).

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 SEC Cuts Capital Market Approval Time to 14 Days for Companies


The Securities and Exchange Commission (SEC) announced on Monday that it has reduced the approval timeline for companies seeking to raise funds in the capital market to 14 days.


In a statement, SEC Director General Dr. Emomotimi Agama explained that the streamlined approval process aims to enhance market efficiency and support economic growth in Nigeria.


Agama noted that prior to this reform, companies often waited over a year for approval, creating unnecessary delays in capital formation.


“Before we assumed office, issuers faced prolonged delays in obtaining approval to raise capital. The capital market is vital to the economy, and efficiency in approvals is crucial. We have successfully reduced the processing time from over a year to just 14 days,” Agama stated.


He highlighted that during the recent banking recapitalization exercise, financial institutions raised over N2.2 trillion from the Nigerian capital market through the e-offering platform.


According to him, issuers experienced minimal delays as the SEC implemented mechanisms to fast-track applications, ensuring approvals were granted promptly.


“All transactions were fully subscribed, and we have actively promoted the use of technology. The e-offering platform eliminates the need for paper applications, making the process more seamless and efficient. We aim to further improve these systems,” he added.


Agama emphasized the role of technology in modernizing the capital market, citing Section 55 of the ISA 2007, which supports digital advancements.


“The Nigerian Exchange (NGX) now has an e-IPO system, which has proven to be highly effective. All offers processed under the new timeline were approved within 14 days, leading to increased participation from young investors. This year, we will further integrate technology into our operations,” he stated.


The SEC DG reaffirmed the Commission’s commitment to leveraging the capital market to drive economic growth and create wealth for Nigerians.


“Our focus is on efficiency, dedication, and using the capital market as a tool for economic transformation. The SEC remains committed to protecting investors and fostering a thriving financial ecosystem,” he concluded.

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