Stakeholders Debate Investment Bill Provisions ️
Key government agencies, including the Central Bank of Nigeria (CBN) and the Ministry of Finance, have raised concerns over the Investment and Securities Bill (ISB) 2024 at a public hearing in the National Assembly. The bill aims to replace the Investment and Securities Act 2007 to modernize Nigeria’s capital market.
CBN’s Perspective
Representing the CBN, Dr. Tukur Galadima flagged certain provisions:
• SEC Authority: Opposed SEC’s expanded control over public companies, especially financial institutions regulated by the CBN.
• Cash Transactions: Rejected cash use for securities purchases, citing anti-money laundering laws.
• Currency Investments: Urged the Senate to scrap a clause permitting multi-currency investments, asserting that currency matters fall under CBN jurisdiction.
Despite these concerns, the CBN broadly supports the bill’s goal to enhance market regulation.
Ministry of Finance’s Concerns
Finance Minister Wale Edun, via Director Ali Mohammed, pointed out:
• Reporting Requirements: The bill omits SEC’s obligation to report market updates to the ministry, potentially weakening oversight.
• Resignation Protocols: Disputed a clause allowing SEC Board members to resign directly to the President, advocating for ministerial involvement in such decisions.
SEC’s Defense
Dr. Emomotimi Agama, SEC’s Director-General, emphasized the bill’s transformative potential:
• Positions Nigeria competitively in global markets.
• Expands opportunities in commodities and cryptocurrency markets.
“To excel globally, this law must pass by year-end,” Agama stated.
Unified Input for Progress ️
Other stakeholders, including PENCOM, NDIC, and the Chartered Institute of Stockbrokers, voiced support for the bill.
Senator Osita Izunaso, Chairman of the Senate Capital Market Committee, assured that inputs from all parties would refine the draft for swift passage and presidential assent.
Stay tuned for updates as Nigeria takes steps toward a more robust financial framework!
Key government agencies, including the Central Bank of Nigeria (CBN) and the Ministry of Finance, have raised concerns over the Investment and Securities Bill (ISB) 2024 at a public hearing in the National Assembly. The bill aims to replace the Investment and Securities Act 2007 to modernize Nigeria’s capital market.
CBN’s Perspective
Representing the CBN, Dr. Tukur Galadima flagged certain provisions:
• SEC Authority: Opposed SEC’s expanded control over public companies, especially financial institutions regulated by the CBN.
• Cash Transactions: Rejected cash use for securities purchases, citing anti-money laundering laws.
• Currency Investments: Urged the Senate to scrap a clause permitting multi-currency investments, asserting that currency matters fall under CBN jurisdiction.
Despite these concerns, the CBN broadly supports the bill’s goal to enhance market regulation.
Ministry of Finance’s Concerns
Finance Minister Wale Edun, via Director Ali Mohammed, pointed out:
• Reporting Requirements: The bill omits SEC’s obligation to report market updates to the ministry, potentially weakening oversight.
• Resignation Protocols: Disputed a clause allowing SEC Board members to resign directly to the President, advocating for ministerial involvement in such decisions.
SEC’s Defense
Dr. Emomotimi Agama, SEC’s Director-General, emphasized the bill’s transformative potential:
• Positions Nigeria competitively in global markets.
• Expands opportunities in commodities and cryptocurrency markets.
“To excel globally, this law must pass by year-end,” Agama stated.
Unified Input for Progress ️
Other stakeholders, including PENCOM, NDIC, and the Chartered Institute of Stockbrokers, voiced support for the bill.
Senator Osita Izunaso, Chairman of the Senate Capital Market Committee, assured that inputs from all parties would refine the draft for swift passage and presidential assent.
Stay tuned for updates as Nigeria takes steps toward a more robust financial framework!