The Chairman of the Senate Committee on Capital Market and Institutions, Osita Izunaso, reaffirmed the Senate’s dedication to driving legislative reforms aimed at advancing the Nigerian capital market during a visit to the Nigerian Exchange Group (NGX Group).
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Izunaso stressed the critical role of the capital market in promoting economic prosperity and urged stakeholders to collaborate towards common goals. He pledged to review legislative frameworks awaiting amendment in the National Assembly, including bills related to investment and securities, to drive market growth.
Legislative Commitment:
“We will review legislative frameworks awaiting amendment in the National Assembly, including the Investment and Securities bill, the CIS bill, and the Private Companies Conversion and Listings (PCCL) Bill, among others,” Izunaso stated. He emphasized the importance of legislative interventions in encouraging companies to list on the Exchange and advocated for aggressive public enlightenment on the benefits of investing in the stock market.
Regulatory Support:
Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, assured NGX Group of efforts to strengthen the regulatory framework to support the Exchange and deepen the market. He highlighted initiatives to motivate more private investors, such as policies on custody of all CIS products and the positive response from the CIS sector.
Collaborative Efforts:
NGX Group’s Group Chairman, Umaru Kwairanga, underscored the importance of collaborative efforts between government, regulatory bodies, and market participants to unlock the market’s full potential.
Emphasis on Reforms:
Group Chief Executive Officer of NGX Group, Temi Popoola, echoed Kwairanga’s sentiments, emphasizing the significance of legislative interventions in encouraging dollar-denominated transactions, revenue mobilization, and tax compliance. Popoola also highlighted the importance of pension reforms and the introduction of derivatives to mitigate market volatility.
