The National Assembly has reaffirmed their commitments towards moving the Nigerian capital market forward. This was disclosed by both heads of capital market committees of the red and green chamber, at the third meetings in 2023 of the Capital Market Committee, held in Lagos.
The Chairman of the Senate Committee on Capital Market, Distinguished Senator Osita B. Izunaso, and his deputy, Distinguished Senator Peter N. Jiyaas as well as the Chairman of the House Committee on Capital Market and Institutions, Right Honourable Solomon T. Bob, and his deputy, Right Honourable Dr. Muktar Umar Zakarialong with other distinguished guests, participated in the last meeting of the year.
The meeting featured an overview of key developments in the capital market. In his address, distinguished Senator Osita B. Izunaso, underscored the senate committee’s steadfast commitment to fostering a robust market environment.
He outlined legislative initiatives, including the repeal of the Investments and Securities Act (ISA) 2007, which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate.
Senator Izunaso pledged to help expedite the process, aiming for submission to the President for assent by the first quarter of 2024. He commended the government’s interest in the capital market, signified by the appointment of key figures from the market to influential positions.
The Senator urged the Commission to enhance public awareness of the capital market’s benefits, expressing optimism that the envisioned one trillion-dollar economy could be realized, with the help of collaborative efforts and productive actions in the capital market.
On his part, Right Honourable Solomon T. Bob, commended the Commission and the entire capital market on the 2023 3rd Quarter Capital Market Committee (CMC) meeting. He expressed the readiness of his committee to contribute towards facilitating the development of an ecosystem that would ensure efficient access to capital formation through consultation, cooperation, and information exchange.
He acknowledged the existence of external economic forces impacting market expansion and highlighted the National Assembly’s role in protecting investors. He welcomed enhanced coordination for market innovation and stated his readiness to help strengthen the relationship between the market and the NASS.
The Chairman recognized the opportunities offered by the emerging derivatives market and anticipated valuable insights from this and future CMC meetings for legislative frameworks supporting a thriving capital market.
In his opening remarks, the Chairman of the CMC, and Director General of the Securities & Exchange Commission, Lamido Yuguda, acknowledged the presence of the distinguished senators and honourable members of the House of Representatives, saying it was a testament to their unwavering commitment to the advancement and prosperity of the Nigerian capital market.
He expressed optimism about unlocking the full potential of the capital market, aligning it with the Renewed Hope Agenda of the President and Commander in-chief of the armed forces of the Federal Republic of Nigeria, His Excellency Chief Ahmed Bola Tinubu administration.