Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso, announced this during the Securities and Exchange Commission’s (SEC) 2025 budget defense in Abuja.
By Saidu Idris
365Daily – The National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.
Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso, announced this during the Securities and Exchange Commission’s (SEC) 2025 budget defense in Abuja.
He stated that Senate President Godswill Akpabio had signed the bill, and lawmakers expect the President’s assent within 30 days.
Izunaso also revealed that the committee had directed the Finance Minister to allocate N10 billion for investor education in the 2025 budget.
Sen. Anthony Yaro commended the SEC for its 2024 achievements, including a reduction in federal deductions from 50% to 20%, effective March 1. He urged the commission to build on these gains in 2025.
SEC DG, Dr. Emomotimi Agama, credited legislative support for the market’s strong performance in 2024, with Nigeria ranking among the world’s top-performing markets. He reported a revenue surplus of N2.5 billion after gross earnings of N26.9 billion, surpassing projections by 20.34%.
Agama noted a decline in penalties due to improved compliance and emphasized that SEC’s role is to ensure accurate disclosures from market participants.
In his remarks at the meeting, Sen. Victor Umeh urged SEC to crack down on companies publishing false financial data, warning against fraudulent practices that exploit investors.
The Investments and Securities Bill 2024 is expected to strengthen market operations and enhance investor protection.