6 days ago
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ABUJA – The Chairman, Senate Committee on Capital Market, Senator Osita Izunaso, has announced that the National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.
Speaking during the Securities and Exchange Commission’s (SEC) budget defense on Tuesday in Abuja, Izunaso said that lawmakers expect the President to sign the bill into law within the next 30 days.
According to him, the President of the Senate, Godswill Akpabio, has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent.
Izunaso also told the meeting that the Committee has 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, Sen. Anthony Yaro (PDP-Gombe) commended the Commission for the approach taken in 2024.
He said that with the positive happenings like the Investments and Securities Bill and the reduction in deductions, the 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,” he said.
In his presentation, Director-General of the SEC, Dr Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved 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.
“Last year, we wished that the Federal Government’s 50 per cent deduction would be reduced to 20 per cent but we could not achieve that in 2024.
“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 per cent to 20 per cent.
“We are hopeful that the implementation will take effect from March 1,” he said.
Agama added that 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 per cent.
“We achieved 100 per cent and went above it by 20 per cent. Expenditures for the period was N20.8 billion while N12.68 billion went to deductions. Our net surplus was then N2.5 billion”.
On the reductions in penalties collected in 2024, Agama stated that the role of the Commission was to encourage market participants to comply with laid down rules and regulations.
The SEC DG said that penalties were charged when participants do not comply adding that the reduction was due to 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”.
Agama explained that the capital market operates a disclosure regime rather than a merit regime.
“Every company and director has a responsibility for figures that disclose to the public.
“It is our responsibility to monitor the same to ensure that documents provided to members of the public are accurate. If they do not meet standards, such institutions will be penalised”.
Contributing to the 2024 budget performance, Sen. Victor Umeh (LP-Anambra) expressed worry about false information being put out to the public by companies in a bid to defraud Nigerians.
“I am worried about regulation and enforcement so that companies would not just bring up cooked figures to defraud Nigerians. Let your eyes be on those that use the market to defraud Nigerians,” he said.
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