Nigeria’s Securities and Exchange Commission (SEC) is set to establish a new Office of Small Business Capital Formation.
This office aims to support small businesses by exempting them from the rigorous requirements of listing on the capital market to raise funds through smaller offerings.
The initiative will provide targeted assistance to help Micro, Small, and Medium Enterprises (MSMEs) and their investors use the capital market to grow and prosper. Dr. Agama Emomotimi, Director-General of SEC, announced this in a goodwill message delivered by Mrs. Samiya Hassan Usman, Executive Commissioner of Corporate Services, at the 2024 National MSME Conference.
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Dr. Emomotimi emphasized that this new office underscores SEC’s commitment to addressing MSMEs’ financing challenges and fostering their growth within Nigeria’s economy. “This Office will champion initiatives that help MSMEs leverage capital market opportunities to thrive,” he said.
The office will work directly with small businesses and investors, offering educational programs to meet their capital needs. Dr. Emomotimi also highlighted that all crowdfunding platforms must register with the SEC and adhere to regulatory standards to protect retail investors, including maintaining proper records and observing investment limits based on net worth or income.
He stressed that MSMEs are crucial for job creation, economic diversification, and export growth.
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