By Peter Egwuatu

The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has announced that the National Assembly has transmitted the Investments and Securities Bill, ISB 2024 to President Bola Ahmed Tinubu for assent.

According to a statement from the Securities and Exchange Commission, SEC,   Sen. Izunaso   disclosed this while speaking at the commission’s   budget defense on Tuesday in Abuja, adding that lawmakers expect the President to sign the bill into law within the next 30 days.

According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”.

Senator Izunaso also told the meeting that the Committee has followed up with a written directive to the Minister of Finance   to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.

In his remarks, Senator Anthony Yaro commended the commission for the approach   taken in 2024 adding that with the positive happenings like the ISB and the reduction in deductions, the SEC is expected to perform better.

“I believe these developments will boost your performance in 2025. We know your capacity and what you can do, but you need to do more”, he stated.

In his presentation, Director General of the SEC, Dr. Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved the market forward in 2024.

Dr. Agama noted that in 2024 Nigeria was one of the best performing markets in the world.

“Your support has gingered the market, there is a new spirit and that support has assisted us to achieve what we achieved together.

“Last year, we wished that the Federal Government’s 50% deduction would be reduced to 20% but we could not achieve that in 2024.

“We are glad to say that with the intervention of  the committee and the Chairman, the Minister has signed the reduction of the deduction from 50% to 20%. We are hopeful that the implementation will take effect from March 1”, he stated.