By James Isaac, Abuja
The Director General of Securities and Exchange Commission(SEC), Emomotimi Agama Ph.D has posited that, the Commission and the National Assembly are both partners in making laws that will guide the operations of the capital market where the public’s investment is protected.
This according to him requires updating outdated laws in order to have a smooth operation of the monetary policies and also remove bottlenecks and keep abreast with international best practice.
He made the disclosure on Thursday 14 November, 2024 at the National Assembly during a public hearing organised by Senate Committee on Capital Market on “A bill for an act to repeal the Securities Act of 2007 and enact Investment and Securities Bill 2024 with Senator Osita Izunaso as Chairman.
The DG of SEC emphasized the potential of the bill to position the Nigeria’s Capital Market on the global stage.
Going down memory lane, he highlighted the spirited efforts made over the years to sanitise the Capital Market and make it competitive.
On the desirability of the the law, he had this to say,”For Nigeria excel among Nations , the proposed law must pass before the year end. It promises to transform the economy in areas such as commodity markets and cryptocurrency.”
Those that spoke in support of the bill include PENCOM, Nigerian Deposit Insurance Corporation , and Chartered Institute of Stockbrokers.
The Chairman of the Committee assured all stakeholders that their input would form part of the final draft which comes out next week.
