By James Isaac ,Abuja
The Securities and Exchange Commission (SEC) exceeded its projected revenue for 2024 by 20.34%, generated N26.9 billion against the estimated N22.4 billion, according to its Director General, Dr. Emomotimi Agama.
Dr. Agama, who appeared before the Senate Committee on Capital Market on Tuesday for a budget appraisal, attributed Nigeria’s strong market performance to the robust support from the National Assembly. He described the country as one of the best-performing markets globally in 2024.
During the session, the Committee Chairman, Senator Osita Izunaso, announced that the committee had issued a written directive to the Minister of Finance to include a N10 billion special fund for investor education in the 2025 budget. The fund is expected to enhance awareness and transparency in the capital market.
In his remarks,Senator Victor Umeh expressed concerns over the spread of false financial information by some companies, warned that such practices could mislead investors and damage market integrity.
Senator Anthony Yaro in his words commended SEC for its strategic approach in 2024, citing key developments such as the Introduction of ISB (Investment Service Bureau) and reduction in deductions. He expressed confidence that these initiatives would improve market efficiency and SEC’s performance in 2025.
Addressing the decline in penalties collected in 2024, Dr. Agama explained that the reduction was due to a higher level of compliance by market participants.
“If you educate participants and they comply, penalties will naturally reduce. This shows that the market is improving in adherence to regulations, which enhances overall efficiency,” he stated.
He further emphasized that the capital market operates on a disclosure regime, requiring companies and directors to ensure that financial statements presented to the public are accurate and transparent. SEC, he noted, remain committed to monitoring these disclosures and penalizing institutions that fail to meet regulatory standards.
