The Director-General of Nigeria’s Securities and Exchange Commission shares how a landmark act is reshaping the nation’s financial future.
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Show Notes:
In this Mission Matters episode, Adam Torres interviews Dr. Emomotimi Agama, Director-General of Nigeria’s Securities and Exchange Commission. They discuss Nigeria’s new Investment and Securities Act of 2025, the importance of regulatory clarity, combating financial fraud, and preparing Nigeria’s capital markets for the digital future.
Full Unedited Transcript
Hey, I’d like to welcome you to another episode of Mission Matters. My name is Adam Torres, and if you’d like to apply to be a guest in the show, just head on over to mission matters.com and click on Be Our Guest to Apply. All right, today’s a very special episode.
We have Emomotimi Agama on the line, and he is the director. General over at the Securities and Exchange Commission, also known as the SEC. And today’s interview is brought to you by and is part of our Mission Global conference series, where we bring to you the best of guests that attended the conference, attendees panelists, speakers, and really, it’s just one of my favorite conferences of the year.
So first thing, first, teamy, welcome to the show. Thank you so much, Adam. Alright, so we, got a lot to talk about today. I definitely wanna get into the changing investment landscape in Nigeria and talk about, you know what’s been taking place there, and your background in finance too, and really how you’ve, what led you under this path as to becoming director general.
So we’ll talk about that in more, but to get us kicked off here, I mean, the Milken Global Conference, I know you were in you were attended this year. What were your thoughts and what’s your connection to the conference? Wow. Thank you Adams for this opportunity. It’s always a great opportunity to give feedback to a very fantastic conference like the Milken Global For me it was a fantastic event. It was a, a great opportunity to connect. It was a great opportunity to meet great minds and to listen to them, and also to contribute to global discourse regarding finance. The Milken Institute is very, very personal to me, personal to me in the sense that I’m an IFC Milken Institute fellow, indeed, the very first IFC Milken Institute fellow from Nigeria.
And so I am a. Ambassador of that program and having to connect at the global conference was just an ice and the cake in a journey that, has taken me a while to build. So clearly it is a great time and I enjoyed myself thoroughly with full scale networking and of course rich discussions , and eye openness as positions that were really great to have, as you know, a director general of the SEC Nigeria.
So, yeah speaking to my background, how I got there, well, I’ve been at the SEC for the last 24 years you know but before that I was at the University of Benin for 10 years. So it’s been a pretty long journey, but all the same. I grew up from being a manager at the SEC in Nigeria. To rise into the, to the highest profile of being the director general of the SCC in Nigeria.
Indeed, I am the very first, you know what I call longstanding staff to be promoted, so to speak, to becoming the director general of the SSC in Nigeria. So I’m really proud of the achievement and back to the fact that, you know, being an IF Milken Institute fellow it’s really, really. Great opportunity to show the skills, you know, and the great intentions of the IS Milken Institute fellow program building capital market leaders in Africa specifically.
And then, you know, and the emerging market as it were, and coming out tops to becoming the director general of of course Africa’s most populous nations securities commission. It’s a great fit for me. Wow. What, what an amazing story. And , I love to hear this like, to rise all the way to the top.
What do you think is some of the things that made your, , and I’ll ask, I’ll tell you why I’m asking you this question by the way, Timmy, because I feel like there, you know, we have some audience that may be a little bit earlier in their career as well. Maybe they’re not to the point to attending a Milken conference yet, right.
, And so I like to ask what I call like a pay it forward question sometimes, and that’s what this is. , What kind of things do you think in your career were some of the things that let you rise to a position like that, we can learn from? Great. That’s cool because I also love mentoring people and of course my experience actually shaped a lot of lives and including Maya as well as I grew up.
So one of the great things that has helped me to for is acquisition of knowledge. I have made sure that I acquire every amount of knowledge that I needed, you know, as I go on, because I actually wouldn’t know the one I need. You know, at any point in time. So the best thing to do is to fill your basket with the love enough knowledge that you’ll need at any point in time, and you’ll be able to deal with issues.
So persistency and consistency you know, resilience. These are very, very strong attributes that have made me gut you. I’ve taken me to this point, and , I’m eternally grateful for that doggedness that’s been all through my life. It’s amazing. Let’s switching back to the investment landscape and thank you for that in Nigeria.
Let’s talk a little bit about the impact of the investment in Securities Act of 2025. Maybe first tee it up and explain it a bit. So for the audience that don’t know exactly what that is, and then let’s go further. Yeah, again great opportunity. The Investment, investment and Securities Act 2025 is a landmark legislation in Nigeria.
The last investment and securities act was actually issued in the year 2007. That was about 18 years ago. And knowing fully well the dynamics in the capital market, it was necessary to update that desire to update has been stalled for over 10 years. Fortunately, I became the DG of the SEC in the year 2024 on the 19th of April.
And in five months we are able to deal with the greatest issue that faced the Nigerian capital market that is having a solid legal framework that encompasses the future and dynamicism of the capital market and finance indeed. So for us, it is a victory. There’s a water victory after a very, very long fight, so it is also providing an avenue that will open up the entire landscape in order for.
Local investors and everyone that is involved in the capital market mm-hmm. To have, you know, a sigh of relief, breathing in fresh air and making sure investment, investment climate is good enough for everybody to be involved in. Of course, making the capital market in Nigeria is solution capital market that will provide the kind of investment environment that is required for an emerging market and not just any emerging market.
A strong emerging market for that matter. Mm-hmm. Yeah. What do you think are some of the keys when you think about for attracting either foreign investment or even local investment? Like what are some of the things that need to happen and, and whether it’s this investment in Securities Act of 2025 or otherwise, what do you think are some of the keys that are need to make that continue to happen and to thrive?
Yes. One of the key things that is required is clarity. Clarity and certainty of legislation. Mm-hmm. But the investor local or internationalists Sure. Of exactly what you see is getting into and how issues are resolved over time. This is very, very important. Making sure that the. Dispute resolution mechanisms are in place, making sure the ease enforcement powers, making sure that there are clarity , of decisions, making sure that that sanctions when necessary, making sure that the disclosure requirements that is required, that is necessary, and meeting international standards, making sure that we’re part of the International Community Investment Committee and making, dealing with the issues the way.
Every international investment community will deal with it. Yeah, these are , very important issues that every investor looks out for. Be it local, be it international. It is very important. And once you have that in place, then the rest will be, you know just Joly. Right. Yeah. Now we know in, in any capital market, right, there’s people money involved, and so there’s always gonna be, the bad apples or the bad actors or, those that are trying to scam.
So I’d like to ask this question to see how, that’s taking place in Nigeria. How are like Ponzi schemes or other, let’s just say nefarious actors, like how are those handled? Yes. That is also very important because Ponzi schemes, like you are aware mm-hmm. Did not start in Nigeria. Of course, you know, of course the name Charles Ponzi came from America from an Italian migrant.
So take, take credit for that one, right? Yeah. Got it too. So clearly it didn’t start in Nigeria, but anyway, it happens everywhere. There are bad guys everywhere. Yeah. But what’s important. The regulator, the enforcer is there and able to deal with this issue. Mm-hmm. And that is one very important landmark of the 2025 Investment and Securities Act.
In this act, we expressly stated as the, you know, as a, provision in the act. And anyone involved in such activity will certainly have a jail term, a jail term that is not less than 10 years, you know, in prison. And of course in terms of fine, there is also a, a fine component, which is over 20 million ira, you know , at the first instance.
So for us. It is important that everybody knows that if you get caught, you are going to be dealt with, dealt with in multiple ways. Not only by fine, but also imprisonment. And we have gone further to making sure that that information gets to the market, gets to the public, gets to the people. And so we have engaged in serious enlightenment efforts, making sure that this happens and people are aware.
Of the consequences of dealing in this, but education is critical. Mm-hmm. Education is critical for us. And so what have we done? We’ve gone all around, we’ve gone to the marketplaces, we’ve gone to the schools, we’ve gone to, conferences. We just are everywhere. And of course we also, , running a podcast, so at the SEC in Nigeria to be able to provide this information to the people of Nigeria and also to foreigners to make sure they understand that.
Investment is very critical. And for you to be involved in an investment, you must have knowledge. If you do not have knowledge, you must know where to find that knowledge. But clearly what is also important to mention is that these sponsors scheme victims are not investors because. Investors will not get into such activity.
They are just victims. But anyhow, what fraud ISA, ours is to protect investors and of course, market development. Hence, it’s our responsibility to continue to provide that education and to provide enforcement mechanisms to strengthen, you know, our market and give confidence to Nigerians that are involved in investing in Nigeria markets.
Mm-hmm. So we’re recording this in early July for everybody listening to this. And I’m just curious on your end, teamy as we go into the second half of the year, a lot of time left. What are some of your top priorities? Oh, again it’s important. Thank you. This is the half year how have we done in the previous year?
Previous half. Fantastic. We’ve done a lot, and that’s one of the major highlights of the first half is the ability to get the ISA 2025 signed into law. But what about the next six months? Yes. Mm-hmm. The next six months is very critical. It’s very critical in laying a foundation of stability, economic growth, and that can only happen, you know, enhancing investors’ confidence.
How do we want to achieve that? We want to strengthen market regulation and investor protection. How do we want to achieve that and force stricter compliance with corporate governance standards for listed companies. Crack down on fraudulent schemes, bonds, schemes, illegal Forex trading to protect the retail investors because they are key to us and also enhance whistleblower mechanisms that are provided in the new ISA 2025.
This is for me very, very important. We are also going to try. To encourage, you know, capital market participation and liquidity, getting more persons into the market, getting them interested in it. And of course that will happen through retail bond investor education. Mm-hmm. You know, Campaigns and the benefits of stock, the value it brings, and wealth redistribution.
Encourage listings of companies will also be a priority. There’s so much to do, but clearly these are things we can do because we’ll highlight them. One of the critical points I would love, love to mention before we get out of this podcast is the fact that Nigerias of today is the second. Country in the world that are adopted cryptocurrency and digital asset, most irrespective Mm.
So clearly ’cause of our population, our demographic, which speaks to the fact that over 70% of Nigerians are below 30 years of age. And that tells you exactly what you know they’re doing. Wow. But beyond all of that, you know, for Nigerians and the Nigerian youth. Their nest of kin is their mobile phone. And so it becomes important that you reach to them through that device.
And that is why we are going to be able to finalize, you know, the cryptocurrency and digital assets regulation to provide clarity, to provide certainty, and to provide confidence to the people that need it. So for us in Nigeria, the next half of the year will mean improving corporate disclosures and transparency.
Mandating real time financial reporting and everything that we need to do. To give credence to the strength of the new law, fast tracking enforcement actions against market manipulations and improving investor protection fund. These are clearly important steps we want to take in the next half, and we believe strongly and the powers that we’ve had, we’ve been conferred with in the investment and Securities Act 2025 will enable us do this and even more for the future of Nigeria and the future of investors globally.
Amazing. Well, teamy, this has been great having you on the show today, and I’m happy to bring this information to my audience. So more there’s more awareness around it and congratulations , on the impact you’ve already had this particular year and getting that passed, but also in your career.
I love stories like this where somebody rises. You know, to a prominent position and they work their way up. I think it’s very inspiring and it lets other people know, in my opinion, that it can be done, you know, it can be done. So that’s wonderful and and I’m very happy to bring, to get this story to my audience.
That being said, teamy, if somebody’s listening or watching this and if they wanna continue following the story whether it’s of the, you know, of the new act, the Securities Act of 2025, or in, or interested in investing in Nigeria or just following the story in general, how do they do that? How do they connect?
So the SEC has a website, it’s called, it is www.sec.gov dot nj. And to make it easy, just go and gole and say, second Nigeria and you’ll get it through. Mm-hmm. And on our website, you find all of the informations. You can also connect with me on LinkedIn, you know, so my name is Sia Gamma on LinkedIn, and so you can connect with me there.
You can, you know, , link up with me on other social media handles. All our social media handles of the SEC are working so clearly you can get through to us on our website. You’ll find our phone numbers, you’ll find our email addresses. And please just feel free to reach out to us. For us at the SEC, ours is to provide an enabling environment.
And I as a steward ward of the nation, as a steward ward of Nigerian investors, we are ready to communicate. We are ready to get, you know, to give you clarity on any issue you have a doubt about, but make sure you understand that Nigeria is a part of opportunities. You’d better come in to take your own care.
Amazing. And for everybody watching, just so you know, we’ll put some links definitely in the show notes so that you can just click on ’em and go check out the site and everything else. And speaking of the audience, if this is your first time with Mission Matters and you haven’t done it yet, hit that subscribe or follow button.
This is a daily show. Each and every day we’re bringing you new content, new ideas, and hopefully new inspiration to help you along the way in your journey as well. So again, hit that subscribe or follow button. And teamy, thanks again for coming on the show. My pleasure, Adams. I always want to be here again.
