By Aduragbemi Omiyale
The National Assembly (NASS) has pushed for stricter capital market regulation to attract a wide range of investment in a secure and transparent environment.
According to the Chairman of the House Committee on Capital Markets and Institutions, Mr. Babangida Ibrahim, efforts should be made to further strengthen the current capital market regulatory framework, as space plays a vital role in growth. and the development of the economy.
Speaking at a stakeholder meeting on the Investment and Securities Bill held in Lagos on Monday, the lawmaker said, “Our attendance at this meeting today is to consider the current developments in the Nigerian capital market and also to dissect the content of investments and securities. Bill, 2021 and make appropriate contributions to strengthening and improving the regulatory and supervisory framework of the Securities and Exchange Commission (SEC) as the arbiter of capital markets.
“My distinguished colleagues and the leadership of the SEC, with our determined commitment to the passage of the bill which has already passed second reading, I believe that at the end of this retreat, a clearer direction would be charted to ensure the success of the bill’s adoption,” he added.
Mr. Ibrahim expressed the hope that the contributions will be free, frank, inspiring and provocative and will strengthen the operational framework of the capital market.
“As stakeholders, we must offer our valuable ideas and contribute our expertise and professionalism to this bill. It should be noted that for this bill to successfully pass the legislative work in the National Assembly, it must be holistic, exhaustive and have a global flesh in international investments and securities.
“Therefore, I urge the leadership of the commission and all of the stakeholders gathered here to do our best for this course,” he added.
He also assured stakeholders of the National Assembly’s support in any area of legislation necessary to realize the SEC’s vision of improving investment and securities business in Nigeria.
In his remarks, the SEC Managing Director, Mr. Lamido Yuguda, expressed the need for legislation that would respond to current realities and prepare the Nigerian capital market for the potential changes that are likely to occur in the near future.
He said the importance of capital markets cannot be overstated, as governments need the capital market to work with them to provide the goods and services that nations need.
“I hereby wish to express my deep gratitude for the support provided to us by the two committees of the National Assembly in our various interactions over the past year and a half.
“It has helped the leadership of the commission to do things differently and I can say with confidence that we are in a better state than two years ago. And with that kind of support, we’re going to get the capital market of our dreams,” he said.
Also speaking, the Managing Director of Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, pointed out that most of the development challenges currently facing the country could be solved through the capital market.
He said: “The capital market stimulates economic growth, mobilizes savings, creates wealth, contributes to infrastructure development, reduces foreign exchange scarcity, promotes financial inclusion and promotes transparency and good governance. .
“It is therefore crucial that the market becomes more innovative in product development to attract a more diverse range of market participants in both the listing and trading segments. Undoubtedly, if we are able to deepen our market and make it stronger, there will be inflows and our nation will grow and become healthier.
In a goodwill message, the Chairman of the Senate Capital Markets Committee, Mr. Ibikunle Amosun, said that many changes have taken place in the final stock market, hence the need for Nigeria to go with the flow .
Represented by Senator Kashim Shettima, he said: “It is interesting to note that the last time the law was enacted was in 2007. There are a lot of changes in the global stock market and we have to follow the running.
“There is therefore a need to revise the ISA to conform to current realities. It is a good forum for us to cross-reference our ideas and come up with robust solutions to challenges.