The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged West African countries to accelerate the integration of their capital markets, describing it as the only way to mobilise the scale of investment needed to drive the region’s development.

Speaking at the Experts Meeting on Validation of the WASRA Charter and Recognition of WASRA as the Regulatory Body for Cross-Border Securities Market in ECOWAS, held Thursday in Abuja, Agama who is also the WASRA Chairman,  said the initiative represents “a watershed moment” in the region’s financial history.

According to him, West Africa faces urgent developmental challenges ranging from infrastructure deficits and climate adaptation to digital transformation and job creation.

He said: “To meet these challenges, we require capital at scale, and the truth is simple: no single national market can provide it alone. An integrated regional capital market is no longer a luxury; it is a necessity”.

The SEC boss lamented the slow pace of regional integration, warning that “each year of delay is a lost opportunity to mobilise resources for critical projects that can transform our economies.”

He pointed to Africa’s annual infrastructure financing gap of over $100 billion, stressing that West Africa alone requires tens of billions of dollars to modernise transport corridors, upgrade energy systems, and build resilient digital infrastructure.

“Without integrated markets that pool liquidity and broaden investor participation, our governments and private sector will remain constrained, relying on limited fiscal space and expensive borrowing,” Agama said.

Drawing lessons from global models, he noted that the European Union and ASEAN achieved significant economic transformation by harmonising rules, fostering investor confidence, and facilitating seamless cross-border funding.

“The creation of a single market enabled European firms to access funding seamlessly across borders, boosting innovation and competitiveness. Closer to home, ASEAN coordinated standards and deepened financial cooperation, strengthening its resilience as a regional bloc.”

He emphasised that West Africa, with its population of more than 400 million and a combined GDP of about $800 billion, has even greater potential, cautioning that “potential means little without decisive action,” he cautioned.

Agama outlined how integration would bring benefits beyond infrastructure, noting that “In agriculture, integrated markets can mobilise capital for value-chain development, agro-processing, and food security, which are critical priorities for our region”.

He added: “In the digital economy, regional capital can support innovation hubs, fintech scale-ups, and broadband expansion, ensuring that West Africa fully participates in the fourth industrial revolution.”

He further stressed that cross-border pools of capital, backed by harmonised regulation, could deliver “transformative impact” across multiple sectors, including youth empowerment and job creation.

Presenting the objectives of the West Africa Securities Regulators Association (WASRA), Agama said the body was established with a clear mandate to anchor market integration.

“First, to contribute to the establishment of appropriate mechanisms for the regulation of capital markets; ensuring their proper functioning and the protection of investors. This speaks directly to the heart of investor confidence, without which no market can thrive,” he said.

He added that WASRA would foster integration through joint programmes and common projects, promote mutual assistance across the region, and set common standards for effective regulation. “Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results for our markets and our people,” he stressed.

Agama called on policymakers, especially finance ministers within ECOWAS, to champion the WASRA initiative, stating that “The political will of our leaders is the single most important factor in moving from aspiration to reality”.

“WASRA stands ready, in partnership with ECOWAS, WACMIC, and WAMI, to provide the technical leadership required.”

Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun noted that the gathering marked a significant step in the collective “journey toward a harmonized regulatory framework, one that reflects the shared aspirations of ECOWAS member states to deepen capital market integration, enhance cross-border investments, and promote financial stability.”

Edun, represented by
Mr. Hassan Adamu Jibrin Principal Economist Federal Ministry Of Finance, pointed out that validation of the draft WASRA Charter is not merely a procedural formality, but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across our sub-region.

On his part while speaking on behalf of ECOWAS Commission, Mr. Peter Oluonye Acting Director Private Sector
noted that for capital markets integration to gain traction in ECOWAS, there need to be need concerted efforts of all stakeholders at harmonizing rules, practices and regulations, to the standards acceptable to all jurisdictions.


“We are well aware that our member states depend much on external capital flows and direct investment to sustain and deliver on economic development programmes of our governments. The region is in dire need to develop critical economic infrastructure projects, requiring huge capital investment and facilitate gross capital formation. The capital market is a major vehicle that should support this aspiration


“The need to drive our capital markets integration initiative to break down barriers to movement of capital within the region by ensuring a harmonized regulatory space, common market information platforms, interlinked trading systems, cross-border trade and payments settlement, harmonized accounting standards and internationally acceptable governance standards and institutions cannot be over-emphasized at this juncture in our economic integration initiatives”, he added.

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged Nigerians to take advantage of opportunities in the capital market to build personal and national financial independence as the country marked its 65th Independence Anniversary.

In a goodwill message titled “Forging a New Legacy of Financial Independence”, Agama described the capital market as a critical engine of economic empowerment, stressing that true independence goes beyond political sovereignty to include financial security for every Nigerian.

According to him, under the administration of President Bola Ahmed Tinubu and the guidance of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the capital market has been repositioned as a “public square of prosperity for all” rather than an exclusive preserve for a privileged few.

He listed ongoing reforms including the dematerialization of shares, increased retail investor participation, introduction of new asset classes, promotion of FinTech collaborations, and reduction in time-to-market for securities as part of efforts to deepen financial inclusion and democratize wealth creation.

Other initiatives, he noted, include international best practices in fund valuation, strengthening of corporate governance, promotion of financial literacy, and a sustained campaign against Ponzi schemes that continue to defraud unsuspecting Nigerians.

“These are not just regulatory updates; they are the building blocks of a financial democracy,” Agama stated, adding: “Every Nigerian—from the civil servant in Makurdi to the tech entrepreneur in Yaba, the farmer in Kano, and the fisherman in Yenagoa—can now have a stake in the commanding heights of our economy.”
The SEC boss emphasized that financial independence is central to dignity and prosperity, pointing out that the capital market provides a platform for Nigerians to transform savings into investments that fuel enterprise growth and national infrastructure.

“When you buy a share, you become a part-owner of a Nigerian company. When you invest in a bond, you are helping to fund the infrastructure that will power our future. This is the new face of patriotism,” he said.

Agama further called on citizens to prioritize financial literacy, embrace consistent investment, and adopt a long-term perspective in order to build sustainable wealth and support the nation’s economic transformation.

He described investment as a patriotic duty, stressing that widespread participation in the capital market will not only enhance personal financial security but also accelerate national development.

“As we celebrate 65 years of nationhood, let us embrace this powerful tool for wealth creation. The growth of our economy must mirror the growth of our citizens’ financial independence,” Agama said.

Sterling Bank has once again redefined the boundaries of customerfirst banking in Nigeria by scrapping Account Maintenance Fees (AMF) across all personal accounts.

Just months after abolishing transfer fees on local online transactions in April 2025, the bank has dismantled yet another long-standing industry practice, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking.

This decision cuts at the heart of a revenue model that has long cost Nigerian
customers dearly. In 2024 alone, tier-1 banks raked in over ₦650 billion from account
maintenance and e-banking charges.

Sterling’s move rewrites Nigeria’s banking
rulebook while amplifying its bold stance: customers deserve freedom from too many
deductions and the right to keep more of their hard-earned money.

Abubakar Suleiman, Managing Director of Sterling Bank, explained the principle
driving this bold action: “Every fee we remove is one less barrier between our
customers and true financial freedom. This was the rationale behind eliminating
transfer fees in April, and it is the same principle we uphold as we eliminate account
maintenance fees.”

Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling
Bank, reinforced this position: “This initiative is about building lasting relationships that
fuel sustainable growth.

We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future.”

As Nigeria marks another Independence Day, Sterling Bank presents this decision as
a declaration of financial independence for millions of Nigerians.

By freeing customers from deductions that silently erode their balances, Sterling is empowering them to keep and grow their wealth while redefining true financial freedom.

With two unprecedented moves in quick succession, the removal of transfer fees in
April and now the elimination of account maintenance charges, Sterling Bank continues to challenge the status quo and champion a new era of fairness in
Nigerian banking.