WikiEXPO Global Expert Interview: Dr. Emomotimi Agama

In the wave of financial innovation and regulation, WikiGlobal as the organizer of WikiEXPO, closely following industry dynamics and engaging in a series of in-depth and unique interviews on key topics. This time, we are honored to invite Dr. Emomotimi Agama for a profound dialogue.

Dr. Emomotimi Agama is not only the Director General of the Securities and Exchange Commission of Nigeria (SEC), but also serves as the Managing Director of the Nigerian Capital Market Institute. He plays a crucial role in promoting financial regulatory reforms in Nigeria and across the African continent, enhancing capital market transparency, and fostering the integration of Fintech with regulatory innovation. With years of experience in the field of financial regulation, Dr. Agama has worked with several international financial regulatory bodies, accumulating valuable cross-border regulatory experience.

As Director-General of SEC Nigeria, Dr. Emomotimi Agama's responsibilities encompass ensuring the stability and integrity of the capital market. This involves overseeing the development and implementation of policies, regulations, and guidelines that promote transparency, accountability, and investor protection. Key areas of focus include:

A. Market surveillance, which involves monitoring market activities to prevent unethical practices such as insider trading and market manipulation.

B. Risk Management by identifying and mitigating potential risks that could impact market stability. Recent collaborations with the Nigerian Financial Intelligence Unit (NFIU) and other stakeholders aim to address systemic risks and safeguard financial integrity.

C. Regulatory compliance that ensures adherence to regulatory requirements among market participants, including clearing backlogs of capital market operators (CMO) registrations and this assures the market that only registered and regulated entities are allowed to operate in the markets.

D. Investor protection also by introducing innovative measures such as the Accelerated Regulatory Incubation Programme (ARIP) to regulate fintech and ensure robust investor protection.

1.In your current role as Director-General of SEC Nigeria, what are your top priorities and key initiatives?

Emomotimi Agama: My top priorities as Director-General include investor protection, market development, and fostering innovation. Recent initiatives to achieve these goals include:

• Digital transformation and embarking on a digital overhaul within the Commission to improve regulatory efficiency and enhance market accessibility.
• Market expansion such that we encourage private sector participation in funding infrastructure and increasing pension fund allocations in the market. This ensures we have larger pools of capital investing in our markets.
• Policy development by supporting legislative advancements such as the Investments and Securities Bill (ISB) 2024, which aims to align our market with international best practices.
• the SEC has a Capital Market Masterplan (2015 - 2025) which was revised and we intend to ensure that the initiatives in the plan are implemented.

2. How do you balance the need for regulatory oversight with promoting innovation and growth in the capital market?

Emomotimi Agama: Balancing oversight with innovation requires a nuanced approach for any regulator. At SEC Nigeria, we:

• Adopt risk-based approaches which allows us to focus regulatory efforts on high-impact areas, allowing flexibility for lower-risk activities.
• Leverage regulatory sandboxes in advocating for innovation by Encouraging fintech innovation through programs such as the Accelerated Regulatory Incubation Programme (ARIP) thus ensuring that new technologies and platforms are tested in controlled environment.
• Engage stakeholders through continuous dialogue with market participants to align regulatory frameworks with innovation needs.

3.What are the biggest challenges facing financial regulators in Nigeria and globally?

Emomotimi Agama: Financial regulators face an evolving landscape. Firstly, technological disruptions, for example , navigating challenges like crypto assets and tokenization, which require proactive regulatory innovation at the same time requires flexibility and nuance. Secondly, global coordination with international bodies and regulators in addressing cross-border financial risks and aligning with international standards like AML/CFT especially in an environment with increased cross border transactions. Last but not least, cybersecurity threats and protecting markets from increasingly sophisticated cyber risks.

4.What advice would you give to young professionals aspiring to work in financial regulation?

Emomotimi Agama: To excel in financial regulation, I would recommend:

• Developing analytical skills and Mastering tools for financial analysis and risk assessment. These are crucial for any professionals seeking a career in finance
• Embracing Continuous Learning by Staying informed on industry trends, particularly in fintech and sustainable finance.
• Networking strategically by building relationships with seasoned professionals to exchange ideas and insights.

5.What skills and qualities do you believe are most important for success in this field?

Emomotimi Agama: Key attributes for success include:

• Strong communication that helps to articulate complex regulations clearly and concisely are crucial such that regulated entities and stakeholders are clear on the information they receive.
• Strategic thinking by anticipating challenges and market disruptions which mean adapting regulatory approaches accordingly.
• Collaboration and engaging effectively with stakeholders to drive impactful outcomes.

6.Is there anything else you would like to share about your career, the Nigerian capital market, or the future of financial regulation?

Emomotimi Agama: I believe the future of financial regulation lies in:

• Embracing innovation and encouraging fintech and digital securities to deepen market offerings and also leverage on our youthful population which are tech savvy.
• Enhancing investor confidence through transparent and efficient regulatory practices such as the recent electronic-IPO initiatives which have improved access to markets for the most excluded categories of investors.
• Global cooperation and strengthening partnerships with international bodies to address systemic risks.

In this exclusive interview, we closely explore Emomotimi Agamas career and delve into his insights on the current challenges faced by the financial regulation sector, strategies for addressing these challenges, and perspectives on future developments. As a renowned expert in the international financial regulatory arena, Dr. Agama is dedicated to enhancing the international competitiveness of Nigeria's capital markets and actively participates in the construction and improvement of global financial regulatory frameworks. With his profound expertise and rich practical experience, he provides invaluable intellectual support and practical guidance for financial regulation in Nigeria and globally.