The National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.

The chairman of the Senate Committee on Capital Market, Osita Izunaso, announced this during the Securities and Exchange Commission’s budget defence on Tuesday in Abuja.

Mr Izunaso said the president was expected to sign the bill into law within 30 days.

He said Senate President Godswill Akpabio had signed the bill and that it had been moved to the executive for assent.

Mr Izunaso also told the meeting that the committee had 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, Anthony Yaro (PDP-Gombe) commended the commission for the approach taken in 2024.

Mr Yaro said that with positive developments like the Investments and Securities Bill and the reduction in deductions, the SEC was 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,” Mr Yaro said.

In his presentation, the director-general of SEC, Emomotimi Agama, expressed appreciation to the National Assembly for the support and contributions of the committee, which, he said, moved the market forward in 2024.

Mr Agama noted that in 2024, Nigeria was one of the best-performing markets in the world.

“Last year, we wished that the federal government’s 50 per cent deduction would be reduced to 20 per cent, but we could not achieve that.

“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 per cent to 20 per cent. We are hopeful that the implementation will take effect from March 1,” he said.

Mr Agama further stated that the 2024 budget was properly administered, stressing that while projected income was N22.4 billion, gross income received was N26.9 billion, with a 20.34 per cent surplus.

“We achieved 100 per cent and went above it by 20 per cent. Expenditures for the period was N20.8 billion, while N12.68 billion went to deductions. Our net surplus was then N2.5 billion,” Mr Agama said.

On the reductions in penalties collected in 2024, Mr Agama stated that the commission’s role was to encourage market participants to comply with the rules and regulations.

The SEC director-general said penalties were charged when participants did not comply, adding that the reduction was due to a high level of compliance in the market.

(NAN)