Nigerian Senate passes Investments and Securities Re-enactment Bill 2024 

The bill was passed at Wednesday’s plenary session following the adoption of the report from the Committee on Capital Markets, chaired by Senator Osita Izunaso (APC-Imo).

The bill was proposed by the Nigerian Securities and Exchange Commission with the aim of making the Nigerian securities market more competitive.

It was sponsored by Senator Bamidele Opeyemi and co-sponsored by Izunaso.

On Wednesday, Izunaso told his colleagues that during the public hearing on the bill, stakeholders were unanimous in their support for its passage.

“The re-enactment of this proposed legislation will undoubtedly provide significant opportunities to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian capital market,” he said, according to NAN.

The lawmaker added that the bill is a way of diversifying and growing the capital market through revolutionary market offerings that will create job opportunities within the Nigerian capital markets.

Afterward, the Senate passed the bill.

Recall that the Nigerian SEC previously presented this bill to the former president of Nigeria, Muhammadu Buhari, and stated that the purpose of the bill was to make the Nigerian securities market more competitive.

Despite portions of the bill being flagged by the Central Bank of Nigeria and the Finance Ministry, Senator Osita Izunaso, the chairman of the Senate Committee on Capital Markets, hailed the bill, saying it could enhance Nigeria’s capital competitiveness if passed.

Several players in the Nigerian crypto industry have reacted to the bill, citing its importance and timing.