NASS transmits ISB 2024 to President Tinubu for assent

The Chairman of the 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 Ahmed Tinubu for assent.

Speaking during the Securities and Exchange Commission’s budget defense on Tuesday in Abuja, Sen. Izunaso stated that lawmakers expect the President to sign the bill into law within the next 30 days.

According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”.

Senator 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 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.
Dr. 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% deduction would be reduced to 20% 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% to 20%. We are hopeful that the implementation will take effect from March 1”, he stated.

Agama pointed out 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%.

“We achieved 100% and went above it by 20%. 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 is to encourage market participants to comply with laid down rules and regulations.

The SEC DG stated that penalties are charged when participants do not comply adding that the reduction is due to high level of compliance in the market.

Contributing to the 2024 budget performance, Senator Victor Umeh 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 added.