11 hours ago
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By Kingsley Okoye
The Senate, on Wednesday, passed the Investment and Security repeal and re-enactment Bill, 2024.
The News Agency of Nigeria (NAN) reports that the passage of the bill followed the adoption of report of Committee on Capital Market at plenary.
NAN also reports that the report was presented by Chairman of the committee, Sen. Osita Izunaso (APC-Imo).
Izunaso, while presenting the report, said that stakeholders at the public hearing on the bill were unanimous in their support for the passage of the bill.
He said that the capital market, as revolutionary as it was at its inception and after many years of operation, required systemic but substantial updates to align with evolving financial market and regulatory frameworks globally.
This, he said, had become necessary in order to make it more attractive to both local and foreign investors.
“The re-enactment of this proposed legislation will undoubtedly provide significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian capital market,” he said.
He said that the bill would help in addressing modern forms of financial malpractices and reinforce inventors’ protection by engendering robust and sustainable economic and social relations.
The bill, Izunaso said, envisaged further introduction of global best practices in regulatory frameworks for digital currencies and fintech activities, including block-chain and cryptocurrency transactions.
He said that this would help support integration of innovative technologies within the scope of the capital market.
The lawmaker said that the passage of the bill would bring about diversity and growth in the capital market through market offerings that would form foundation for economic expansion, thereby creating job opportunities within the Nigerian capital market. (NAN)
