The Senate has approved the Investments and Securities Repeal and Re-enactment Bill, 2024, during its plenary session. The bill, which seeks to modernize Nigeria’s securities market and strengthen regulatory frameworks, follows the Senate Committee on Capital Markets’ report, led by Senator Osita Izunaso (APC-Imo).
The Nigerian Securities and Exchange Commission (SEC) introduced the legislation with the goals of enhancing investor protection, encouraging market diversification, and bringing the nation’s capital market into compliance with international norms. The bill is co-sponsored by Izunaso and sponsored by Senator Bamidele Opeyemi.
Izunaso emphasizes that the bill addresses the evolving financial landscape, focusing on modernizing regulations for digital currencies and fintech operations, including blockchain and cryptocurrency platforms. He describes the bill as a transformative step to mitigate financial malpractices and foster transparency in the market.
During the public hearing, stakeholders express unanimous support for the bill, noting its potential to drive economic growth and create a conducive environment for both local and foreign investors.
The bill introduces measures to enhance investor confidence, tackle fraudulent activities in the cryptocurrency space, and provide a clear regulatory framework for emerging technologies. Industry players commend its timing, noting its potential to restore trust and stability in Nigeria’s financial market.
The bill is expected to diversify Nigeria’s capital market offerings and generate job opportunities within the financial sector. Despite initial reservations from the Central Bank of Nigeria (CBN) and the Ministry of Finance, Izunaso reiterates its importance in positioning Nigeria as a competitive player in the global financial arena.
The Senate’s dedication to bolstering the country’s capital market and promoting sustainable economic growth is demonstrated by this legislative milestone.
