The Nigerian Exchange Group (NGX) is set to adopt technology to drive financial companies’ capital-raising efforts and meet the new capital requirements of the Central Bank of Nigeria.
On Monday, April 16, 2024, the NGX Group’s Group Managing Director, Temi Popoola, revealed during the visit of the Minister of Industry, Trade & Investment, Dr Doris Uzoka-Anite, at the headquarters that the NGX Group’s Group Managing Director, Temi Popoola, has called on the Nigerian government regarding the policies affecting the capital market. He said the bank recapitalization exercise will pave the way for a unique market opportunity.
Popoola said, “In our capital market, we will find different times and eras when government interventions brought change. Also, it’s crucial to note the effort of the Central Bank of Nigeria in the market recapitalization process as a medium to pace ways for banks. This unique initiative will allow foreign investors to partake in the market with a lasting impact.
He further said that, based on the numbers floating around, it is viable for banks to raise a capital of N3tn over the next two years. According to him, N3tn can catalyze the capital market again if transactions are right.
It is also an opportunity for foreign capital to return to the market. Popoola also acknowledged the help of the regulator, the Securities and Exchange Commission.
The Securities and Exchange Commission (SEC) regulator assured that it was ready for any occurrence or event that might arise during the civilization exercise.
In a statement, the SEC noted that “the commission is prepared as a regulator to weather every challenge or increased activity that may arise from the planned recapitalization by the banks.” Furthermore, it said the offices and departments responsible for past recapitalization exercises are ready to ensure the coming exercise is a success.
