The Senate yesterday passed the Investments and Securities Bill for second reading.
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This followed its consideration of a Bill titled: “A Bill for an Act to Repeal the Investment and Securities Act 2007 (Act No. 29 2007) and Enact the Investments and Securities Bill 2024 and to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian Capital Market as well as regulation of the market to ensure capital formation, the protection of investors, maintain fair, efficient and transparent market and reduction of systemic risk and for related matters, 2024.”
The Bill was sponsored by the Senate Leader, Opeyemi Bamidele and co-sponsored Senator Osita Izunaso.
Senator Izunaso in his lead debate said 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.
He said the Bill also seeks to protect the integrity of the security market against all forms of market abuse and insider dealing and prevent unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments.
He said the Bill when passed into law would 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 Isah Jibrin (APC-Kogi East), Senator Adetokunbo Abiru (APC-Lagos) supported the bill.
Jibrin said: “We have been having problems in terms of definite assignments that the Securities and Exchange Commission (SEC) is supposed to carry 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”.
On his part, Abiru said that the bill would not only bring about the discipline and improvement in the capital market, it would also enhance the capacity of the regulator.
In his remarks, President of the Senate, Godswill Akpabio said that a lot of people would be happy to inject funds into the capital market when they know a lot of the risk have been minimised.
He thereafter refered the bill to the Senate Committee on Capital Market for further legislative actions and to report back in four weeks.
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