The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has observed that
World class capital markets are indispensable to the functioning of a modern economy.
He noted that no economy can achieve any meaningful advancement without the important role capital markets play in supplying medium to long term finance.
Specifically, Agama said that Nigeria needs and deserves a world class capital market to facilitate the on-going economic diversification.
The Director General of SEC spoke at the public hearing on a bill for an act to Repeal the investment and securities act 2007 (Acts 29, 2007) and enact the investment and securities bill 2024, held Thursday in Abuja.
He said the passage and enactment of the Investments and Securities Bill will be a pivotal step.
Presenting the position of the Securities and Exchange Commission on the bill, Agama said the Commission is delighted to state that the Investments and Securities Bill enjoys overwhelming support of stakeholders in the Nigerian capital market.
“There is a collective resolve in the capital market community to work together towards the enactment of this Bill during the life of the 10th National Assembly” Agama said.
Other stakeholders who spoke on the bill include the office of the Attorney General of federation (AGF).
The AGF, represented by Bolarinde Odunayo said “very soon we will revert back to the committee on the position of federal ministry of Justice”.
He said the solicitor general will like to chair the review team.
The Economic and Financial Crimes Commission (EFCC) cited Section 340 of the bill, indeed the commission sought for the expansion of powers of prosecuting offences.
Meanwhile, Tukur Galadima from the Central Bank of Nigeria (CBN) said the bank was in support of the amendment, saying “the changes will help in doing investment in Nigeria”.
The Chartered Institute of Stock Brokers, Pension Commission (PENCOM) among others also supported the bill.
