Tinubu to sign investment bill within 30 days –NASS

By Chukwuma Umeorah

The National Assembly has transmitted the Investments and Securities Bill (ISB) 2024 to President Bola Tinubu for assent, with lawmakers expressing confidence that the President will sign the bill into law within the next 30 days.

Chairman of the Senate Committee on Capital Market, Osita Izunaso, disclosed this on Tuesday during the Securities and Exchange Commission’s (SEC) budget defense in Abuja.

According to Izunaso, “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.”

He further revealed that the Committee had issued a written directive to the Minister of Finance, Wale Edun to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.

Also speaking at the meeting, Senator Anthony Yaro commended the SEC’s performance in 2024, attributing the progress to legislative support and recent policy changes. He noted that the passage of the ISB and the reduction in the Federal Government’s revenue deduction from the Commission would enhance the SEC’s efficiency.

“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 stated.

In his presentation, the Director General of the SEC, Emomotimi Agama, expressed gratitude to the National Assembly for its continued support, describing 2024 as a landmark year for Nigeria’s capital market. He noted that Nigeria was among the best-performing markets globally, crediting the progress to collaborative efforts with the legislature.

“Your support has energized the market. There is a new spirit, and that support has helped us achieve what we achieved together,” Agama said.

He confirmed that the Minister of Finance had approved the reduction of the SEC’s revenue deduction from 50 per cent to 20 per cent, with implementation expected from March 1.

Providing an overview of the Commission’s financial performance, Agama stated that the SEC exceeded its 2024 revenue target, recording a gross income of N26.9 billion against a projected N22.4 billion reflecting a 20.34 per cent surplus.

“Our expenditures for the period stood at N20.8 billion, while N12.68 billion was remitted as deductions, leaving a net surplus of N2.5 billion,” he added.

Addressing concerns about market compliance, Agama highlighted a reduction in penalties collected in 2024, attributing it to increased adherence to regulations.

He emphasized the Commission’s role in enforcing accurate financial disclosures to protect investors.