Senate passes bill on repositioning of capital market

The Senate on Wednesday passed the Investment and Security repeal and re-enactment Bill, 2024.

This followed the adoption of report of the Senate Committee on Capital Market presented by the chairman, Osita Izunaso, at the plenary in Abuja.

In his presentation, Izunaso said stakeholders at the public hearing on the bill were unanimous in their support for its passage.

He said the capital market required systemic but substantial updates to align with evolving financial market and regulatory frameworks globally.

This, according to him, had become necessary to make it more attractive to both local and foreign investors.

READ ALSO: Shareholders approve MRS Oil’s delisting from capital market

The lawmaker said: “The re-enactment of this proposed legislation will undoubtedly provide significant opportunity to drive the growth of the capital market and diversification. This will create a conducive atmosphere for investors in the Nigerian capital market.”

He explained that the bill would help to address modern forms of financial malpractices and reinforce inventors’ confidence by engendering robust and sustainable economic and social relations.

“The passage of the bill will bring about diversity and growth in the capital market through market offerings that would form foundation for economic expansion, thereby creating job opportunities within the Nigerian capital market,” Izunaso added.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now