Business a.m.
Nigeria’s capital market must anchor its recovery on stronger accountability and transparent financial reporting if it is to attract sustained investor inflows, according to Emomotimi Agama, director-general of the Securities and Exchange Commission (SEC).
Speaking in Abuja at a stakeholder forum on internal control over financial reporting (ICFR), organised by consultancy SIAO in collaboration with the Financial Reporting Council, Agama argued that effective controls were critical to market integrity and investor trust.
“Internal control over financial reporting is not a box-ticking exercise. It is central to disclosures across securities markets, public companies and financial institutions. These mechanisms strengthen accountability, transparency and integrity within the system,” he said.
The remarks come as Nigeria’s regulators seek to rebuild confidence after years of governance lapses, patchy disclosures and corporate failures that have weakened participation in the country’s capital markets.
Agama stressed that investor sentiment is directly tied to confidence in management discipline. “For investors, what matters is knowing that there is accountability, that people are doing what they ought to do, and stewardship is being upheld. When investors see this commitment, they are more likely to invest,” Agama stated.
The SEC DG also highlighted the recently enacted Investment and Securities Act (ISA) 2025, signed into law by President Bola Tinubu in March, describing it as a milestone reform. The legislation introduces new measures to improve transparency, broaden market access and strengthen regulatory enforcement.
“The ISA 2025 has introduced key reforms aimed at fostering a more transparent and efficient market. We are already seeing improved investor sentiment and increased confidence in the system,” Agama noted.
Under his tenure, Agama pledged that the SEC would maintain professionalism, consistency and adherence to the law. He argued that predictable rules and credible enforcement remain the most important tools for attracting domestic and foreign capital into Nigeria’s markets.
“Investor confidence will rise or fall based on whether our institutions demonstrate integrity,” he said. “That is the standard we must hold ourselves to.”
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