SEC To Unveil Recapitalisation Framework For Banks

Securities and Exchange Commission (SEC) has announced plans to release a framework to guide the recapitalisation exercise by banks in the capital market.

Gatekeepers News reports that the Acting Director General Emomotimi Agama announced this during a meeting with the Institute of Capital Market Registrars in Abuja, stating that the commission is committed to ensuring a smooth process.

Agama emphasized the need for collaboration, saying, “We are on top of the issues around the recapitalization exercise. Very soon, we will come up with a framework to guide the market. The idea is to interact with you all… We will come up with a framework to move the market. We are in this together, and we will continue to work and do our best.”

He also urged registrars to adopt technology to address the long-standing issue of unclaimed dividends, stating, “Unclaimed dividends are a monster that we must deal with now… Let us put our thoughts together and provide a workable solution; let us ensure that this becomes a thing of the past.”

SEC’s acting Executive Commissioner of Operations, Bola Ajomale, emphasized the importance of technology adoption, while the President of the institute, Seyi Owoturo, pledged the registrars’ commitment to working in the best interests of the capital market.