The Senate passes the Investments and Securities Repeal and Re-enactment Bill, 2024, during its plenary session. The bill, aimed at modernizing Nigeria’s securities market and enhancing regulatory frameworks, follows the adoption of a report by the Senate Committee on Capital Markets, chaired by Senator Osita Izunaso (APC-Imo).
The legislation, introduced by the Nigerian Securities and Exchange Commission (SEC), seeks to improve investor protection, promote market diversification, and align the country’s capital market with global standards. Senator Bamidele Opeyemi sponsors the bill, with co-sponsorship from Izunaso.
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.
This legislative milestone reflects the Senate’s commitment to strengthening the nation’s capital market and fostering sustainable economic development.
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