Senate Pledges Support for Capital Market Reforms During Visit to NGX

Date:

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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Introduction:
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.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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