Chairman of the Senate Committee on Capital Market Osita Izunaso, has confirmed that the National Assembly has officially transmitted the Investments and Securities Bill (ISB) 2024 to President Bola Ahmed Tinubu for his assent.
Izunaso made the announcement during the Securities and Exchange Commission (SEC) budget defense session held in Abuja on Tuesday. He expressed optimism that the President would sign the bill into law within the next 30 days.
“The Senate President has signed the Investments and Securities Bill 2024, and it has now moved to the Executive for assent,” Izunaso stated. “We have 30 days for that to happen, and we expect that the President will assent to it.”
In his address, Izunaso also revealed that the Senate Committee had formally requested the Minister of Finance to allocate N10 billion for a special investor education fund in the 2025 budget, emphasizing the importance of financial literacy in the capital market.
Senator Anthony Yaro commended the SEC’s efforts in 2024, acknowledging the positive developments, such as the passage of the ISB and reductions in deductions, which he believes will enhance the SEC’s performance moving forward. “I believe these developments will boost your performance in 2025. We know your capacity and what you can do, but you need to do more,” Yaro remarked.
In his presentation, the Director General of the SEC Emomotimi Agama, expressed gratitude to the National Assembly for their unwavering support, highlighting that Nigeria’s capital market was among the best-performing in the world in 2024. “Your support has invigorated the market, bringing a new spirit that has been instrumental in our achievements,” he said.
Agama also mentioned that while the SEC had hoped for a reduction in the Federal Government’s 50% deduction on capital market activities to 20% in 2024, the intervention of the Senate Committee led to the successful reduction. He expressed hope that the change would take effect starting March 1, 2025.
