Business
‘Securities Bill, Boost To Investors’ Confidence’

Chairman of the House Committee on Capital Market and Institutions, Hon. Babangida Ibrahim, has said the Investments and Securities Bill is capable of transforming the capital market and boosting investors’ confidence.
Commenting on the recent passage of the Bill by the House of Representatives in a statement issued by the Securities and Exchange Commission, Ibrahim said the bill sought to repeal the existing Investments and Securities Act 2007 and to establish a new market infrastructure and wide-ranging system of regulation of investments and securities businesses in Nigeria.
“We owe a duty to Nigerians and Nigeria to make sure that things work well. In the financial market, we have the money market and the capital market.
“With the challenges facing the money market, the only option left is the capital market. What we tried to do is to build investors’ confidence and ensure that investors are comfortable.
“At the same time, we realised that there are areas like derivatives, commodities exchanges, Ponzi schemes, and the rest of them that are new developments in the capital market. We feel it’s very important for us to provide regulations for these new developments.
“We also emphasised borrowing by sub nationals, in the past you hardly see state and local governments coming into the capital market to borrow.
“We introduced a lot of new provisions and also made provisions relating to financial market infrastructures.
“Also the board of the SEC was expanded to include the Pension Commission. The existing Act needed a total overhaul because of the passage of time and developments in the capital market”, Ibrahim said.
He noted that the bill would determine the type of training required of an operator to perform professional functions in the capital market and also provide certification for persons deemed to have met the qualifications standards.
“The Act will achieve transformation of the market, from manual to automation, from manual to multiple securities exchanges, influx of foreign professionals into the country and also need to harmonise standards.
“The bill will also achieve expansion of product range in the market, equities, bonds, Sukuk, derivatives, and the advent of electronic share issuance”, he said.
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