The nation’s capital market received a major boost Wednesday as the Senate of the Federal Republic of Nigeria passed into law, the Investments and Securities Bill 2023.
The Bill which is expected to aid the functioning of the capital market and facilitate the ongoing economic diversification in the country among others, had been passed by the House of Representatives last December.
During plenary Wednesday, Senate President Ahmad Lawan while announcing the passage of the Bill, stated that, it is expected to protect investors, adequately regulate the market to reduce systemic risks as well as provide for more stringent punishment for operators of Ponzi schemes.
According to him, “The Bill for an Act to repeal the Investments and Securitas Act 2007 Act No. 29 2007 and enact the Investments and Securities Bill 2023 to service the SEC as the apex regulatory authority for the Nigerian capital market as well as regulation of market to ensure capital formation, to protect investors, maintain fair, efficient and transparent market and reduction of systemic risk and for related matters is hereby passed.
Chairman of the House Committee on Capital Markets and Institutions, Hon. Babangida Ibrahim had recently stated that the ISB is capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.