Under the Companies and Allied Matters Act (CAMA) 2020, a public company in Nigeria that intends to offer its shares to the general public for the first time must obtain approval from which regulatory body before proceeding?

The Securities and Exchange Commission (SEC) is the apex regulatory body for the Nigerian capital market and must approve any public offering of securities, including Initial Public Offerings (IPOs), before they can be made to the investing public. CAMA 2020 and the Investments and Securities Act (ISA) both reinforce SEC's oversight role over capital market activities. The CAC handles incorporation, while CBN regulates banking, and FRCN oversees financial reporting standards.