SEC approves NGX, Invest digital platform to facilitate Nigeria’s $1tn economy

The Securities and Exchange Commission has approved the Nigerian Exchange Group’s Invest, a digital platform designed to streamline public offerings and rights issues in the capital market and facilitate Nigeria’s $1 trillion economy drive.

NGX disclosed this in a recent statement, noting that the platform would provide an efficient, convenient, and seamless experience for managing primary market transactions.

Speaking on the approval, the Director General of SEC, Emomotimi Agama, commended the initiative, stating, “The e-offering platform aligns perfectly with our objective of future-proofing the Nigerian capital market.

“By digitizing and automating financial intermediation processes, we are fostering a more efficient, transparent, and inclusive capital market”.

The Group Chairman of NGX Group, Umaru Kwairanga, on his part, lauded the regulator, noting that, “The supportive regulatory environment has provided a solid foundation that enabled the swift delivery of the platform.

“This reflects our mutual commitment to market development and will undoubtedly contribute to boosting the participation of retail investors in the capital market.”

Recall that in June, NGX floated the digital platform to facilitate Nigeria’s $1 trillion economy drive.

The launch of Invest coincides with the Central Bank of Nigeria’s banking recapitalization directive, which has led to numerous subscription offers and rights announcements by Nigerian banks.