PRESIDENT TINUBU CONGRATULATES MINISTER OF STATE FOR FOREIGN AFFAIRS AMBASSADOR ENIKANOLAIYE ON HIS BIRTHDAY. (PHOTO).

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 PRESIDENT TINUBU CONGRATULATES MINISTER OF STATE FOR FOREIGN AFFAIRS AMBASSADOR ENIKANOLAIYE ON HIS BIRTHDAY   President Bola Tinubu has congratulated the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, on his birthday.    A statement by Bayo Onanuga, Special Adviser to the President, Information and Strategy, indicates that the President describes Ambassador Enikanolaiye as a distinguished diplomat, accomplished administrator and dedicated public servant whose career reflects professionalism, patriotism and a deep commitment to Nigeria.   Ambassador Enikanolaiye served in the Ministry of Foreign Affairs from August 1982 to August 2017, rising through the ranks to become Permanent Secretary. He later served as Senior Special Assistant to the President on Foreign Affairs and International Relations before he was appointed Minister of State for Foreign Affairs.   President Tinubu commends the celebrant’s significant contributions to Nige...
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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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