Senate will legislate on laws to reform capital market – Senator Izunaso

Chairman of Senate Committee on Capital Market, Senator Osita Izunaso said, the Senate will introduce and legislate laws that would reform Nigeria’s Capital Market and will take it to new heights.

The lawmaker spoke when his Committee visited the Nigerian Exchange Group (NGX Group), noting that Capital Market plays a pivotal role in rejigging economic prosperity of the nation and urged stakeholders to work together towards achieving common objectives.

He stated: “We are going to look at all the legislative frameworks in the National Assembly waiting for amendment in one form or the other. We are going to review the Investment and Securities bill before us, the CIS bill, as well as revisit the Private Companies Conversion and Listings (PCCL) Bill that has been in the National Assembly since 2014 and other legislation that would drive the market.”

Izunaso added that beyond legislative efforts, there was need for aggressive public enlightenment on the benefits of investing in the stock market. He stressed the importance of these legislative interventions in incentivizing companies to list on the Exchange.
The Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, assured NGX Group of strengthening its regulatory framework aimed at supporting the Exchange and deepening the market.

Speaking on efforts to motivate more private investors into the market, he said, “We are doing everything that we can to get regulations that give confidence to both domestic and foreign investors.

“For example, we have the policy on custody of all CIS products in our market, whether bilateral or public and we have seen the CIS sector responding positively to this development. The asset under management is growing and investors are better advised to invest through the CIS because they have experienced portfolio managers who are best equipped to manage their investments.”