The Federal Republic of Nigeria’s Senate on Wednesday voted the Investments and Securities Bill 2023 into law, giving the nation’s capital market a significant boost.
The House of Representatives approved the Bill in December, and it is anticipated that it will, among other things, help the capital market operators and support the nation’s ongoing economic diversification.
The bill is anticipated to protect investors, effectively regulate the market to avoid systemic risks, and provide for more rigorous punishment for Ponzi scheme perpetrators, according to Senate President Ahmad Lawan, who announced during plenary.
As the head of the House Committee on Financial Markets and Institutions, Hon. Babangida Ibrahim recently claimed that, among other things, the ISB is capable of changing the capital market, encouraging the inflow of international investors, and boosting investors’ confidence.
Ibrahim stated that the Bill aimed to replace the current Investments and Securities Act of 2007 with new market infrastructure and a comprehensive system of regulation of investments and securities businesses in Nigeria, particularly in the areas of derivatives, systematic risk management, financial market infrastructure, and Ponzi scheme and platforms.
