The National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for his approval.
Chairman of the Senate Committee on Capital Market, Osita Izunaso, disclosed this on Tuesday during the Securities and Exchange Commission’s budget defense in Abuja.
He stated that the president is expected to sign the bill into law within 30 days.
Izunaso confirmed that Senate President Godswill Akpabio had already signed the bill before forwarding it to the executive for assent.
He also mentioned that the committee had sent a written directive to the Minister of Finance, requesting the inclusion of a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
During the session, Senator Anthony Yaro (PDP-Gombe) commended the SEC for its approach in 2024, noting that initiatives such as the Investments and Securities Bill and the reduction in deductions would enhance the commission’s performance.
He expressed confidence that these measures would lead to even better results in 2025 and urged the SEC to build on its progress.
In his presentation, SEC Director-General Emomotimi Agama expressed appreciation to the National Assembly for its support, which he said played a significant role in the advancement of the capital market in 2024.
He emphasized that Nigeria ranked among the best-performing markets globally last year.
Agama highlighted that previous efforts to reduce the federal government’s 50 percent deduction from SEC’s revenue had been unsuccessful, but with the intervention of the committee and its chairman, the Minister of Finance had now approved a reduction to 20 percent, which is expected to take effect from March 1.
Providing a breakdown of SEC’s financial performance in 2024, Agama stated that while projected income was N22.4 billion, actual gross income reached N26.9 billion, surpassing expectations by 20.34 percent.
Expenditures for the period stood at N20.8 billion, with N12.68 billion allocated for deductions, leaving a net surplus of N2.5 billion.
Addressing concerns about reduced penalties collected in 2024, Agama clarified that the SEC’s primary role is to encourage compliance with regulations.
He explained that penalties are only imposed when market participants fail to comply, and the reduction in fines was a result of improved adherence to market rules.
