The National Assembly has forwarded the Investments and Securities Bill, 2024, to President Bola Tinubu for his assent.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, made this announcement during the Securities and Exchange Commission’s (SEC) budget defense on Tuesday in Abuja.
He stated that the president is expected to sign the bill into law within the next 30 days.
Izunaso confirmed that Senate President Godswill Akpabio had signed the bill, and it has now been sent to the executive for assent.
He also mentioned that the committee had issued a written directive to the Minister of Finance, urging the inclusion of a special N10 billion fund for investor education in the capital market in the 2025 budget.
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Senator Anthony Yaro (PDP-Gombe) praised the SEC for its progress in 2024, highlighting developments such as the Investments and Securities Bill and reductions in deductions.
He expressed confidence that these developments would enhance the SEC’s performance in 2025.
SEC’s Director-General, Dr. Emomotimi Agama, thanked the National Assembly for its continued support, noting that Nigeria had become one of the best-performing markets globally in 2024.
He emphasized that the committee’s support had invigorated the market and contributed to its successes.
He also noted that while the SEC had hoped for a reduction in the federal government’s 50% deduction to 20%, this change had been signed into law with the minister’s intervention, and implementation was expected to begin on March 1.
Dr. Agama reported that the SEC’s 2024 budget was effectively managed, with gross income of N26.9 billion, exceeding the projected N22.4 billion by 20.34%. Expenditures totaled N20.8 billion, with N12.68 billion allocated to deductions, leaving a net surplus of N2.5 billion.
Regarding the reduction in penalties in 2024, Agama explained that the SEC’s role is to encourage market participants to follow rules and regulations.
The decline in penalties reflected a higher level of compliance, which in turn increased market efficiency.
He also clarified that the capital market operates on a disclosure regime, where companies and directors are responsible for the accuracy of publicly disclosed figures.
Institutions failing to meet the required standards are penalized.
Senator Victor Umeh (LP-Anambra) raised concerns about companies potentially misleading the public with fraudulent financial information.
He urged the SEC to focus on regulating and enforcing compliance to prevent companies from defrauding Nigerians through falsified figures.
