The National Assembly has forwarded 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 during the Securities and Exchange Commission’s budget defense in Abuja on Tuesday.
He stated that the president is expected to sign the bill into law within 30 days.
Izunaso also confirmed that Senate President Godswill Akpabio had signed the bill before it was transmitted to the executive for final approval.
Additionally, he revealed that the committee had sent a written request to the Minister of Finance, urging 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) praised the SEC’s efforts in 2024, particularly the introduction of the Investments and Securities Bill and the reduction in deductions.
He expressed optimism that these initiatives would further enhance the commission’s performance in 2025 and encouraged it to continue improving.
In his presentation, SEC Director-General Emomotimi Agama acknowledged the National Assembly’s role in advancing the capital market in 2024.
He highlighted that Nigeria was among the best-performing markets globally last year.
Agama pointed out that previous attempts to lower the federal government’s 50 percent deduction from SEC’s revenue had not been successful.
However, with the intervention of the Senate Committee on Capital Market and its leadership, the Minister of Finance had approved a reduction to 20 percent, set to take effect from March 1.
Providing insights into SEC’s financial performance in 2024, Agama reported that while projected revenue was N22.4 billion, actual earnings reached N26.9 billion, exceeding expectations by 20.34 percent.
He added that expenditures amounted to N20.8 billion, with N12.68 billion deducted, leaving a net surplus of N2.5 billion.
Addressing concerns about declining penalty collections in 2024, Agama explained that the SEC’s focus is on ensuring compliance with market regulations rather than imposing fines.
He attributed the drop in penalties to improved adherence to rules by market participants.