Investment And Securities Bill 2024 Awaits President Tinubu’s Assent: Key Changes For Nigeria’s Capital Market

The National Assembly has officially forwarded the Investment and Securities Bill (ISB) 2024 to President Bola Ahmed Tinubu for his assent. This crucial step aims to introduce new reforms in Nigeria’s capital market, fostering investor confidence and market growth.

Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, confirmed the development during the Securities and Exchange Commission’s (SEC) budget defense in Abuja. He highlighted that the Senate President has signed the bill, and it now awaits the President’s assent, expected within the next 30 days.

To further strengthen the capital market, Senator Izunaso revealed that the Committee has recommended a N10 billion special fund for investor education, urging the Minister of Finance to include this in the 2025 national budget.

Boosting Market Growth and Investor Confidence

Senator Anthony Yaro, present at the budget session, commended the SEC for its progressive approach in 2024. He emphasized that the passing of the ISB and strategic financial reforms, like the reduction in deductions, will position the SEC for an even stronger performance in 2025.

“We see great potential in the SEC, and with these reforms, we expect the commission to exceed expectations next year,” Yaro added.

SEC’s Milestones and Deduction Cuts

Dr. Emomotimi Agama, Director General of the SEC, expressed gratitude to the National Assembly for its continuous support. Highlighting Nigeria’s impressive capital market performance in 2024, Dr. Agama credited the legislature’s backing for creating a dynamic and investor-friendly environment.

A notable achievement was the reduction of the Federal Government’s deduction from 50% to 20%, a move Dr. Agama praised as pivotal in boosting market operations. “With the committee’s intervention, we secured this reduction, and we anticipate its full implementation starting March 1,” he confirmed.

What’s Next?

As stakeholders await President Tinubu’s decision on the ISB 2024, market analysts predict that the bill’s enactment could attract foreign investments and strengthen Nigeria’s economic stability. The inclusion of a dedicated fund for investor education further highlights the government’s commitment to fostering financial literacy and long-term market growth.

Securities and Exchange Commission – Nigeria