The National Assembly has called for the additional strengthening of Nigeria’s capital market regulations to attract more investments into the country.
This view was expressed by the Chairman House Committee on Capital Markets and institutions, Hon. Babangida Ibrahim during a stakeholders meeting on the Investments and Securities Bill held in Lagos, Monday, January 31st, 2022.
According to Hon. Ibrahim, “Our presence at this meeting today is to review the current developments in the Nigerian Capital Market and also dissect the content of the Investments and Securities Bill, 2021 and make appropriate contributions towards strengthening and enhancing the regulatory and supervisory framework of the SEC as the umpire of the Capital Markets.
“My distinguished colleagues and Management of SEC, with our determined commitment for the passage of the Bill which has already passed the 2nd reading, I believe at the end of this retreat a clearer focus would be charted to ensure the success of the passage of the Bill” he said.
must offer our valued ideas and bring in our expertise and professionalism to this piece of legislation. We should note that for this bill to pass through the legislative activities successfully in the National Assembly, it must be holistic, comprehensive and have global flesh in the international investments and securities.
He also assured stakeholders of the National Assembly’s support in any area of legislation necessary to actualize the vision of the SEC to make the investment and securities businesses in Nigeria better.
In his remarks, Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda expressed the need for a legislation that would address the current realities and prepare the Nigerian capital market for the prospective changes that is likely to come in the near future.
Yuguda said the significance of the capital markets cannot be over emphasised as governments need the capital market to work with it to deliver the goods and services that nations need.
“I hereby wish to register my profound appreciation for the support from the two committees of the National Assembly to us in our various interactions over the last one and half years. This has helped the leadership of the Commission in doing things differently and I can say confidently that we are in a better state than we were two years ago. And with this kind of support we are going to get the capital market of our dreams” he stated.
Also speaking, the Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola, emphasised that most of the developmental challenges the country presently faces could be solved through the capital market.
He stated, “The capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance.