• Business - Banking & Finance
  • Updated: April 19, 2024

SEC to curb illicit funds in banking recapitalisation

SEC to curb illicit funds in banking recapitalisation

The Securities and Exchange Commission (SEC) has revealed its stance against the admittance of illicit funds into the capital market through the fresh banking recapitalisation exercise.

Dayo Obisan, the Executive Director (Operations) of the commission, made this known on Thursday at a symposium organised by the Association of Capital Market Academics of Nigeria, with the theme ‘Banking Sector Recapitalisation Implications for the Nigerian Capital Market.'

Obisan revealed that the commission had a positive outlook on the banking sector recapitalisation exercise and was motivated to work with stakeholders to achieve a smooth process.

He said, “For us at the SEC, it is all positive. The journey has already started. So, beyond the announcement, there are a lot of things that have been happening behind the curtains and will keep happening so that we have a successful and flawless recapitalisation exercise that would be borne of experience, towards a more favourable and positive environment.

“We will continue to learn from some of the things we didn’t do too well and from some of the things we did relatively okay, some of the things we can improve on and some of the things we shouldn’t go near at all.

“I liked some of the things that the chairman of the Senate Committee on Capital Market touched on earlier about having clean money or verifiable money in the system. So, we don’t have laundered money that we will all have to be running around later to cure. That forms part of the things we are looking at at the SEC, which forms part of the considerations for fund verification exercise to the fore.”

He added that while fund verification would not ordinarily be within its purview, it was willing to work with other regulators to ensure illicit funds do not make it into the capital market.

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