Tinubu’s signing of Investment, Security bill will boost Nigeria’s capital market – SEC
By Tunde Opalana
The Security and Exchange Commission has praised President Bola Tinubu for signing the Investments and Securities Act (ISA) 2024.
According to SEC, the Act which repealed the Investments and Securities Act No. 29 of 2007 will boost the Nigerian capital.market
A statement on Saturday by the Commission said the enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian capital market.
The SEC said that the new law would “strengthen the legal framework of the Nigerian capital market, enhance investor protection, and introduce critical reforms to promote market integrity, transparency, and sustainable growth.”
The statement reads, “The Securities and Exchange Commission (SEC) is pleased to announce that resident Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.”
Dr. Emomotimi Agama, Director-General of the SEC, lauded the President’s assent as a transformative step for the capital market.
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He said, “The ISA 2024 reflects our commitment to building a dynamic, inclusive, and resilient capital market.
“By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently, and reposition Nigeria as a competitive destination for local and foreign investments”, he stated.
Similarly, the Act expressly prohibits Ponzi schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.
The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.
The Investments and Securities Act (ISA) 2024 introduces the mandatory use of legal entity identifiers (LEIs) by participants in capital market transactions.
