President Bola Tinubu has signed the Investments and Securities Act (ISA) 2024, repealing the previous Act from 2007. This new legislation aims to strengthen Nigeria’s capital market, enhance investor protection, and introduce reforms that align with international best practices. SEC’s enhanced regulatory powers will promote market integrity and transparency. The Act includes provisions for virtual assets and sets the stage for improved market operations and stakeholder collaboration.
President Bola Tinubu has officially signed the Investments and Securities Act (ISA) 2024 into law, which repeals the previous Investments and Securities Act No. 29 of 2007. This legislation significantly strengthens the legal framework of Nigeria’s capital market, establishes enhanced investor protection, and initiates critical reforms aimed at promoting market integrity, transparency, and sustainable growth.
The Securities and Exchange Commission (SEC) has communicated that the enactment of the ISA 2024 reaffirms its position as the apex regulatory authority of Nigeria’s capital market. Furthermore, the new Act introduces vital provisions that align Nigeria’s market practices with international best standards. This development is regarded as a transformative step towards fostering innovation and enhancing the competitive edge of the Nigerian capital market.
Dr. Emomotimi Agama, the Director-General of SEC, has commended the President’s assent, stating that the ISA 2024 signifies Nigeria’s commitment to building a resilient capital market. He emphasized that the Act empowers SEC to effectively protect investors and also called for collaboration among all stakeholders to ensure the successful implementation of this legislation for the economic benefit of the nation.
Agama expressed appreciation to the National Assembly for their dedication to creating this legal framework, which was crafted through meticulous discussions and stakeholder engagement. He also acknowledged the contributions of the Honourable Minister of Finance and the Minister of State for Finance to this significant legislative achievement.
The ISA 2024 enhances the powers of the SEC, aligning it with global securities regulatory standards and securing its “Signatory A” status under IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU). Moreover, the Act includes provisions that classify Securities Exchanges and recognize virtual/digital assets as securities, ensuring comprehensive regulatory oversight of emerging financial technologies.
The signing of the Investments and Securities Act (ISA) 2024 by President Bola Tinubu marks a pivotal moment for Nigeria’s capital market. With strengthened legal frameworks, enhanced regulatory powers, and a focus on investor protection, this Act sets the stage for sustainable growth and innovation. The collaboration between the SEC, legislative bodies, and financial stakeholders will be crucial to ensuring the effective implementation of these reforms, enhancing Nigeria’s position as an attractive investment destination.
Original Source: nannews.ng
