President Bola Ahmed Tinubu has signed into law the Investment and Securities Act (ISA) 2024, marking a major milestone in Nigeria’s capital market reform.
The new legislation, which repeals the former Investments and Securities Act No. 29 of 2007, is aimed at strengthening the legal and regulatory framework for investments and capital market activities in the country.
The Securities and Exchange Commission (SEC), in a statement released on Friday, described the presidential assent as a “transformative step” toward enhancing investor protection, improving market transparency, and fostering sustainable growth.
The enactment of the ISA 2024, according to the Commission, reaffirms its authority as the apex regulator of Nigeria’s capital markets and introduces significant reforms designed to align local operations with international best practices.
One of the major achievements of the ISA 2024 is the expansion of SEC’s regulatory powers to meet the standards of global bodies such as the International Organization of Securities Commissions (IOSCO).
The SEC stated that the enhanced regulatory powers would allow it to maintain its “Signatory A” status under IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), a critical benchmark for credibility in global financial markets.
The Act also introduces structural reforms and innovations across various dimensions of Nigeria’s capital market, with implications for exchanges, digital asset operators, commodities trading, and systemic risk management.
(Nairametrics)
