In a major boost to the operations of the Securities and Exchange Commission (SEC) and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024.Nigeria cultural tours
The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, scaled second reading on the floor of the Senate Wednesday.
During the consideration of the report on the Bill from the committee on Capital Market, Senate Chief Whip, Tahir Monguno stated that it will protect investors and eliminate fraudulent dealings in the capital market.
Leading the debate, chairman of the Senate Committee on Capital Market, Osita Izunaso said the bill sought to repeal the Investments and Securities Act, of 2007 and enact the Investments and Securities Act, 2024, stating that the ISB is capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.
Izunaso said, “the Bill seeks to repeal the existing Investments and Securities Act 2007, and to establish a new market infrastructure and wide-ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.Nigeria cultural tours
He further said the main objective of the bill was to enact legislation that aligned with global dynamics as they relate to the regulation of the capital market through the provision of an innovative regulatory framework.
(Leadership)
