Nigeria's SEC imposes N1.1m fine for incomplete capital-raising processes, aligning with CBN's recapitalization directive for a $1tn economy by 2030.
Nigeria's Securities and Exchange Commission (SEC) announced a N1.1m fine for incomplete capital-raising processes to enforce capital adequacy standards. The move aligns with the Central Bank of Nigeria's (CBN) recapitalization directive and supports the government's goal of achieving a $1tn economy by 2030. The SEC's framework for the 2024-2026 period outlines guidelines and procedures for banks to raise capital through rights issuances, private placements, or other approved methods.
June 24, 2024
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