The Investments and Securities Bill has on Tuesday, scaled second reading in the Nigerian Senate.
This followed the presentation of the lead debate on the general principles of the bill by Senator Osita Izunaso (APC-Imo) during plenary.
The Senate Leader, Senator Opeyemi Bamidele sponsored the bill while Senator Izunaso co-sponsored it.
Leading the debate, Senator Izunaso said that the bill titled “Investments and Securities Bill, 2024” sought to repeal the Investments and Securities Act, 2007 and enact the Investments and Securities Act, 2024.
He said that “it is to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian Capital Market as well as regulation of the Market.”
Senator Izunaso said ”this is to ensure capital formation, the protection of investors, maintenance of fair, efficient and transparent market and reduction of systemic risk.”
The lawmaker further said that the main objective of the bill is to enact a legislation that aligned with global dynamics as they relate to the regulation of capital market through provision of innovative regulatory framework.
Senator Izunaso said; “This seeks to protect the integrity of the security market against all forms of market abuse and insider dealing. Prevent unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments.”
He said that “the overriding purport of the proposed legislation was to strengthen the capacity of the Commission for the effective performance of its statutory mandate as well as reposition this vital sector of our economy for national economic transformation.”
Senator Isa Jibrin (APC-Kogi) and Senator Adetokunbo Abiru (APC-Lagos) both supported the bill in their various contributions, describing the bill as timely.
“We have been having problems in terms of definite assignments that the Securities and Exchange Commission (SEC) is supposed to carry out to ensure that the Nigerian Capital Market functions effectively. This amendment is very important to ensure that SEC does its job in line with the global best practice,” Jibrin said.
On his part, Senator Abiru said that the bill would not only bring about the discipline and improvement in the capital market but would also enhance the capacity of the regulator.
President of the Senate, Senator Godswill Akpabio said that a lot of people would be happy to infuse funds into the capital market when they know a lot of the risk have been minimised.
The Nigerian Upper Chamber thereafter referred the bill to the Senate Committee on Capital Market for further legislative actions and for the committee to report back in four week.
Mercy Chukwudiebere
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