By Obas Esiedesa, Abuja  

The Director General, Securities and Exchange Commission, SEC, Dr Emomotimi Agama yesterday  disclosed that  banks have so far raised about N1.682 trillion through e-offering in the ongoing  recapitalization exercise.  

The Commission in a statement on Wednesday said Dr Agama made this disclosure on the sidelines of the recently held Chartered Institute of Stockbrokers conference held in Ibadan, Oyo State.

He explained that the launch of its e-offering platform was instrumental to the success of the recent banks recapitalization exercise.

He noted that the amount was raised in 12 applications by nine banks.

He pointed out that technology is an enabler in the capital market and a prime tool for growth, adding that the Commission would continue to employ technology in different angles to aid its work and ensure a deeper capital market.

“What you have seen so far is the use of technology to drive the market with more investors coming into the market. As you are aware, we just launched the e-offering platform that ensured the offering processes for banks for which over N1.7 trillion  was raised.  

“That tells you what technology can do, we are also exploring technology for other activities, for monitoring and surveillance and other processes that will bring about a cohesion of all the policies that the SEC has applied to make the market grow bigger than it is today”.