The National Assembly has transmitted the Investments and Securities Bill (ISB) 2024 to President Bola Ahmed Tinubu for assent, according to Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market.
Speaking during the Securities and Exchange Commission’s (SEC) budget defense on Tuesday in Abuja, Senator Izunaso expressed confidence that the bill would be signed into law within 30 days.
“The Senate President has signed the Investments and Securities Bill 2024, and it is now with the Executive for assent. We expect the President to sign it within the stipulated timeframe,” he said.
Additionally, the Committee has directed the Minister of Finance to include a ₦10 billion special fund for investor education in the 2025 budget.
Senator Anthony Yaro commended SEC’s performance in 2024, citing positive developments such as the ISB and a reduction in deductions.
“These changes will enhance SEC’s performance in 2025. We know your capacity, but you must do more,” he stated.
In his remarks, SEC Director General Dr. Emomotimi Agama expressed gratitude to lawmakers for their support, crediting them with helping Nigeria become one of the world’s best-performing markets in 2024.
> “Your support has energized the market. Together, we have achieved remarkable progress,” he said.
Dr. Agama highlighted a major policy shift: the reduction of the Federal Government’s 50% deduction on SEC revenue to 20%, which will take effect from March 1.
On financial performance, he reported that SEC exceeded its revenue projections in 2024.
Projected income: ₦22.4 billion
Gross income received: ₦26.9 billion (+20.34%)
Expenditures: ₦20.8 billion
Deductions: ₦12.68 billion
Net surplus: ₦2.5 billion
He also noted a decline in penalties collected, attributing it to higher compliance among market participants.
“Penalties are charged when participants violate regulations. The reduction indicates improved compliance and greater market efficiency,” Agama explained.
Senator Victor Umeh raised concerns about companies misleading investors with false financial statements, urging SEC to strengthen regulation and enforcement.
“We must ensure companies don’t manipulate figures to defraud Nigerians. The SEC must remain vigilant,” he warned.
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Dr. Agama assured lawmakers that SEC operates under a disclosure-based regulatory framework, ensuring transparency and accountability in financial reporting.
“Every company and director is responsible for their disclosures. If they provide misleading information, they will face penalties,” he said.
With the ISB 2024 awaiting presidential assent and key regulatory changes underway, stakeholders anticipate a stronger, more transparent capital market in 2025.
