The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has announced that the National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Ahmed Tinubu for assent......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Speaking during the Securities and Exchange Commission’s budget defence on Tuesday in Abuja, Izunaso stated that lawmakers expect the president to sign the bill into law within the next 30 days.
According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”.
Senator Izunaso also told the meeting that the Committee has followed up with a written directive to the Minister of Finance to include a N10bn special fund for investor education in the capital market as part of the 2025 budget.
In his remarks, Senator Anthony Yaro commended the Commission for the approach taken in 2024 adding that with the positive happenings like the ISB and the reduction in deductions, the SEC is expected to perform better.
“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”, he stated.
In his presentation, Director General of the SEC, Dr. Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved the market forward in 2024.
Dr. Agama noted that in 2024 Nigeria was one of the best performing markets in the world.
“Your support has gingered the market, there is a new spirit and that support has assisted us to achieve what we achieved together.
“Last year, we wished that the Federal Government’s 50 per cent deduction would be reduced to 20 per cent but we could not achieve that in 2024.
“We are glad to say that with the intervention of the committee and the Chairman, the Minister has signed the reduction of the deduction from 50 per cent to 20 per cent. We are hopeful that the implementation will take effect from March 1”, he stated.
Agama pointed out that the 2024 budget was properly administered, stressing that while projected income was N22.4bn, gross income received was N26.9bn with a surplus of 20.34 per cent.”
On the reductions in penalties collected in 2024, Agama stated that the role of the Commission is to encourage market participants to comply with laid down rules and regulations.
The SEC DG stated that penalties are charged when participants do not comply adding that the reduction is due to high level of compliance in the market.
“If you prepare participants and they comply, penalties will certainly be reduced. That reduction means the market is beginning to comply which increases efficiency”.
Agama explained that the capital market operates a disclosure regime rather than a merit regime adding that “every company and director has a responsibility for figures that disclose to the public. It is our responsibility to monitor the same to ensure that documents provided to members of the public are accurate. If they do not meet standards, such institutions will be penalised”.