Chukwu David 
…As stakeholders support bill
The Central Bank of Nigeria (CBN), on Thursday, urged the National Assembly not to create unnecessary friction between it and the Securities and Exchange Commission (SEC) through a new law currently being processed.
The nation’s apex bank gave the admonition to the National Assembly Joint Committee on Capital Market, during a public hearing on Investment and Securities Bill, 2024.
The proposed bill seeks for an Act to repeal the Investment and Securities Act 2007 and enact the Investment and Securities Bill, 2024.
Making a submission on the proposed law, the representative of CBN, Dr Tukur Galadima, kicked against absolute powers being proposed for SEC over Public Companies, which according to him, involved some financial institutions that are under the control of the apex bank.
He also objected to a provision in the proposed law for using cash to buy securities, saying: “You cannot use cash to buy securities. It is contrary to provisions of law against money laundry”.
The CBN representative also advised the joint Committee to remove the provision in the proposed law, specifically Section 193, allowing for Investment in multi currency, saying ” the issue of currency is strictly with the CBN”.
Galadima however, said that, apart from the observations raised, the CBN like other critical stakeholders, was in support of planned new law for regulation of the investment and securities and generally the capital market.
However, in his presentation, the Director- General of SEC, Dr Emomotimi Agama, said that the move by the National Assembly joint Committee to repeal the Investment and Securities 2007 Act and enact a new one, was very necessary.
“For Nigeria to get it right among the comity of Nations as far as the capital market is concerned, the proposed law, needs to be passed before the year runs out.
“The proposed bill, when passed into law , would turn around the Nigeria economy in the area of commodity market, cryptocurrency etc”.
Other Stakeholders who made presentations at the public hearing, supported the bill, including PENCOM, Nigeria Deposit Insurance Corporation (NDIC), Chartered Institute of Stockbrokers, Capital Market Solicitor Association, Institute of Capital Market Registrars, among others.
In his closing remarks, the Chairman of the Senate Committee, Senator Osita Izunaso, said that the SEC bill was very sensitive, being the ombudsman law covering the entire capital market.
He assured all the stakeholders that the final draft of the bill would be ready by next week and urged the office of Accountant- General of the Federation, to join the Committee at this stage to avoid refusal of presidential assent when eventually passed for third reading by both Chambers of the National Assembly.
