N’assembly transmits investments and securities bill to Tinubu for assent

The national assembly has transmitted the investments and securities bill (ISB) 2024 to President Bola Tinubu for assent.

Osita Izunaso, chairman, senate committee on capital market, announced during the Securities and Exchange Commission’s (SEC) budget defence on Tuesday in Abuja.

Izunaso said the president was expected to sign the bill into law within the next 30 days.

He said the Senate President, Godswill Akpabio, had signed the bill and that it had been moved to the executive for assent.

Izunaso also said the committee had followed up with a written directive to the minister of finance to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.

In his remarks, Anthony Yaro, senator representing Gombe, commended the commission for the approach taken in 2024.

Yaro said with positive happenings like the ISB and the reduction in deductions, SEC was 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,” Yaro said.

ISB TO TAKE EFFECT FROM MARCH 1

In his presentation, Emomotimi Agama, director-general (DG) of SEC, said implementation will hopefully take effect from March 1.

He expressed appreciation to the national assembly for the support and contributions of the committee to move the market forward in 2024.

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,” Agama said.

“Last year, we wished that the federal government’s 50 percent deduction would be reduced to 20 percent, but we could not achieve that.

“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 percent to 20 percent.”

Agama further said the 2024 budget was properly administered, stressing that while projected income was N22.4 billion, gross income received was N26.9 billion, with a surplus of 20.34 percent.

“We achieved 100 per cent and went above it by 20 percent. Expenditures for the period was N20.8 billion while N12.68 billion went to deductions. Our net surplus was then N2.5 billion,” he said.

On the reductions in penalties collected in 2024, Agama said the role of the commission was to encourage market participants to comply with the laid down rules and regulations.

The DG said penalties were charged when participants did not comply, adding that the reduction was due to the 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,” he said.

According to Agama, the capital market operates a disclosure regime rather than a merit regime.

“Every company and director has a responsibility for figures that are disclosed to the public,” he said.

The DG also said it is the responsibility of the SEC to monitor and ensure that documents provided to members of the public are accurate, adding that if they do not meet standards, such institutions will be penalised.