The Securities and Exchange Commission (SEC) Nigeria has introduced an e-Filing system in furtherance of its roles improve the efficiency and make Nigerian capital market attractive to investors and by so doing, promote the nation’s economic growth.
The Director-General of the commission, Dr. Emomotimi Agama, said that the latest initiative would help in streamlining registration processes, facilitate an electronic filing system and enhance regulatory frameworks for the Nigerian Exchange, among other benefits.
According to him, real time access to market by investors holds bright prospects for the capital market’s development in terms of increased liquidity, faster listing of entities, and enable companies to allocate resources more efficiently, thereby driving economic growth.
The Director-General expatiated: “Shorter time to market will also improve investor confidence because when the listing processes are efficient, it can enhance investor trust and confidence in the market. A shorter time to market can make a jurisdiction more attractive to companies and investors, promoting competition and growth.
“The Commission has been actively digitizing its operations, including the submission and processing of applications for securities registration, to reduce delays caused by manual processes. This involved the use of electronic platforms for document submissions and approvals, which not only speeds up the process but also improves transparency.
“We have undertaken regulatory reforms aimed at simplifying and streamlining the approval processes. These reforms include updating rules and regulations to reflect current market realities and adopting international best practices that enhance efficiency.
“For instance, the Commission introduced checklist review for registration of fixed income securities, thereby shortening the review and approval timelines. The Commission launched and conducted a targeted bi-annual training for Issuing Houses to enhance time to market and fast-track review of applications”, the investment expert added.
