In a direct response to the liquidity crisis in our market, the SEC has triggered its Capital Market Working Group to look very succinctly into the matter.
In an address by the DG of the SEC, Dr. Emomotimi Agama, and seen by me, the highly responsive regulator spelled out very critical terms of reference for the mandate group:
Diagnose the frictions
Enhance price discovery
Broaden participation
Push product innovation
Integrate the market with the digital economy
You will remember that last month, I had screamed like one in the wilderness that the paucity of tradable instruments in our equity market was, amongst other things, inebriating its importance.
When only five major stocks control the ASI, and less than 10% of those stocks are available on the open market for trade, it puts a lie to the rampaging ASI, which crossed the ₦100 trillion mark early this year and has since been hurtling on like a jet-powered engine.
Dr. Agama, who is increasingly becoming one of my favourite persons in the capital market, had placed a call to me.
In that call, he spoke about this Liquidity Committee. He also mentioned all they have been doing at the level of the SEC — including sanctions — to ameliorate the situation, and assured me that the issue would be tackled with precision.
I had no reason to doubt his resolve and capacity to headbutt this issue, following my one-hour historic sit-down with him at his expansive office in Abuja.
In that meeting, he came across as a very robust tactician who understood very well not only the expectations of Nigerians from him in this job, but also had the capacity to do the job.
My confidence in the SEC’s ability under him has once again been strengthened by this speech that has been sent to me as a critical observer of our markets.
Once this issue is resolved and we achieve at least another 10% — at the minimum — then achieving equilibrium in trades would be easier. This would boost transparency and confidence and drive more people into the market.
It is at that point that we can truly celebrate a supercharged ASI, because then we can genuinely say we have one of the best-returning markets on earth — unlike now, when it’s just paper we are counting.
I wish the Committee well. I wish the SEC well.
And I also want to stick out my tongue at those elements within the market — especially the cowardly Chartered Institute of Stockbrokers — who, not having the gumption to charge at this issue, preferred to come at me with insidious insinuations rather than stand behind me as I push.
Thankfully, the market is in good hands, and Nigerians will be the better for it.
Thanks.
Come and beat me.
Duke of Shomolu
Last modified: February 20, 2026
