SEC DG Agama Warns of Asset Price Inflation Risks

Dr Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), warned on October 9, 2026, that a shortage of credible issuers in Nigeria’s capital market could lead to inflated asset prices instead of fostering genuine market development. Speaking at the University of Ibadan Alumni Association’s 2026 Annual Public Service Lecture in Ibadan, Oyo State, Agama highlighted Nigeria's tendency to consume resources that could be invested in long-term assets.

He pointed out that expanding the capital market without increasing credible institutions could create excessive demand for limited assets, resulting in price inflation. Agama noted that retail investor participation is rapidly increasing, with a target of 30 million investors by 2030.

He stressed the importance of enhancing the supply of credible investment opportunities alongside attracting more investors. The SEC's Capital Market Masterplan aims to expand the market from approximately N250 trillion to N750 trillion, with reforms to improve efficiency and participation.