The Securities and Exchange Commission (SEC) has revealed that Nigerian banks have raised N1.7 trillion through electronic offerings (e-offerings) as part of their recapitalisation efforts.
E-offering involves leveraging internet and electronic platforms, such as mobile applications and Unstructured Supplementary Service Data (USSD), to provide access to prospectuses, subscription forms, and other documentation necessary for securities purchases, as well as payment facilitation.
Emomotimi Agama, Director-General of SEC, disclosed this in a statement issued on Wednesday in Lagos.
In March, the Central Bank of Nigeria (CBN) issued new guidelines on minimum capital requirements for banks operating in the country. The capital base for commercial banks with international licences was raised to N500 billion, while national and regional financial institutions were pegged at N200 billion and N50 billion, respectively. For merchant banks with national licences, the new requirement is N50 billion. Non-interest banks must now meet capital bases of N20 billion (national) and N10 billion (regional).
Under these new regulations, banks are expected to raise a total of N4.14 trillion by March 31, 2026, the stipulated deadline.
Speaking on the progress of the recapitalisation efforts, Agama highlighted the critical role of the e-offering platform in achieving these milestones.
“The e-offering platform was pivotal in ensuring the success of the banks’ recapitalisation exercise, enabling over N1.7 trillion to be raised across 12 applications by nine banks, with additional applications still under review,” he said.
He emphasized the transformative impact of technology on the capital market, describing it as a tool for growth and market expansion.
“What you have seen so far is the use of technology to drive the market, attracting more investors. That shows the potential of technology in this sector. Beyond e-offerings, we are also exploring technology for activities such as monitoring, surveillance, and policy cohesion to further deepen the market,” Agama added.
The SEC DG reaffirmed the commission’s commitment to leveraging technology to enhance its operations and support the development of a more robust and inclusive capital market.
