Abuja, Nigeria –President Bola Tinubu recently signed the landmark Investment and Securities Bill into law, receiving praise from the House of Representatives.
This significant action marks a crucial step toward modernizing Nigeria’s capital market and ensuring it aligns with global standards.
After years of legislative efforts across three National Assemblies, the newly enacted law strengthens investor safeguards and boosts market transparency.
Consequently, it positions Nigeria as Africa’s leading financial hub.
Rep. Akin Rotimi Jr., the House Spokesman, characterized it as “transformative legislation” that will redefine regulatory practices.
Moreover, the bill’s journey involved extensive consultations. A public hearing on November 14, 2024, led by the House Committee on Capital Markets, laid the groundwork.
A technical retreat with the Securities and Exchange Commission (SEC) followed, refining the provisions.
This ensured strong oversight mechanisms and compliance with international benchmarks.
Rep. Solomon Bob, Committee Chairman, emphasized the law’s role in curbing fraudulent schemes and enhancing investor trust.
“By empowering the SEC as the apex regulator, Nigeria meets IOSCO’s Enhanced Multilateral Memorandum standards,” he stated. This guarantees the SEC’s “Signatory A” status, attracting domestic and global investors.
Additionally, the law introduces stringent penalties for Ponzi schemes, safeguarding stakeholders from financial malpractice. It also streamlines market operations, fostering efficiency and competitiveness. These reforms aim to stimulate economic growth and solidify Nigeria’s global market presence.
The House acknowledged contributions from legislators, regulators, and industry experts, underscoring collaborative efforts behind the bill’s success. Rep. Rotimi reaffirmed lawmakers’ commitment to policies driving economic prosperity and investment inflows.
President Tinubu’s approval reflects his administration’s focus on economic revitalization. “This law exemplifies visionary leadership,” the House declared, crediting its potential to boost investor confidence and accelerate development.
By modernizing Nigeria’s financial framework, the Act is projected to attract foreign capital, spur job creation, and elevate the nation’s economic stature. Analysts predict heightened market activity, with sectors like technology and infrastructure poised to benefit.
Ultimately, the legislation bridges regulatory gaps, ensuring Nigeria competes effectively in international finance. Its emphasis on transparency and accountability addresses longstanding challenges, fostering sustainable growth.
In conclusion, stakeholders are celebrating this milestone, recognizing it as a catalyst that will transform Nigeria’s economy into a dynamic, investor-centric market.
The law’s implementation will now test its promise of delivering prosperity and stability.
