The Senate approved the Investments and Securities (Repeal and Enactment) Bill 2024 for its third reading on Wednesday.
The passage followed the consideration and adoption of recommendations presented by the Senate Committee on Capital Market, chaired by Senator Osita Izunaso (APC, Imo West).
According to the committee’s report, the bill, once enacted, will designate the Securities and Exchange Commission as the apex regulatory authority for Nigeria’s Capital Market.
The proposed legislation is designed to align with global best practices in investments and securities. Its objectives include safeguarding the integrity of the securities market, preventing market abuse, insider trading, and other fraudulent trade practices while ensuring fair and lawful operations.
The committee’s report stated, “Despite its revolutionary impact at inception, the existing law now requires substantial updates to keep pace with the evolving…