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Senate Passes Bill to Strengthen Capital Market

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CEM REPORT, MARKET | In a move to adequately regulate the nations capital market, the Senate passed into law, the Investments and Securities Bill (ISB) 2023.

The bill which has already been passed by the House of Representatives since December 2022, further strengthens the Security and Exchange Commission as the apex regulator of the Nigerian capital market.

According to the Senate President Ahmad Lawan, the bill will further protect investors, adequately regulate the market to reduce systemic risks as well as provide for more stringent punishment for operators of Ponzi schemes.

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He added that the bill will provide for a regulation of the capital market to ensure capital formation, to protect investors, maintain fair, efficient and transparent market and reduction of systemic risk and for related matters.

Commenting on the bill, Chairman of the House Committee on Capital Markets and Institutions, Babangida Ibrahim said that “the Bill seeks to repeal the existing Investments and Securities Act 2007 and to establish a new market infrastructure and wide ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.”

He added that the ISB is capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.

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