The Securities and Exchange Commission (SEC) has announced a major reduction in the time it takes for companies to receive approval for public offers. According to a statement released on Monday in Abuja, approvals will now be granted within just two weeks, provided all required documents are in order.
This decision aims to enhance efficiency in the capital market and strengthen its role in economic growth. The SEC emphasized that delays in application processing have been significantly reduced due to improved regulatory mechanisms.
“The capital market plays a vital role in the economy, and time is a crucial factor. We have successfully cut the approval time from over a year to just 14 days,” the SEC stated.
The commission highlighted the success of the recent banking recapitalization exercise, where banks raised over ₦2.2 trillion using electronic offering platforms. These transactions were fully subscribed, reinforcing the SEC’s commitment to leveraging technology.
“The use of e-offering platforms eliminates paperwork, making transactions faster and more efficient. We plan to rely more on technology in the coming months,” the SEC added.
The commission reaffirmed its commitment to protecting investors and further developing Nigeria’s capital market.
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