Kelechukwu Mgboji 
..culprits to pay N10m fine
In a landmark development poised to reshape Nigeria’s financial landscape, the Senate has passed the Investments and Securities Bill (ISB) 2024.
This critical legislation seeks to repeal the Securities and Exchange Commission (SEC) Act and the Investments and Securities Act of 2007, ushering in a modern regulatory framework aimed at enhancing market integrity, investor confidence, and economic growth.
During the bill’s consideration, Senate Chief Whip, Tahir Monguno, emphasised its potential to protect investors and eliminate fraudulent practices within the capital market.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, championed the bill as transformative, highlighting its objectives to attract foreign investment, bolster systemic risk management, and establish cutting-edge financial infrastructure.
“The ISB 2024 lays the foundation for a robust regulatory framework addressing derivatives, Ponzi schemes, financial market infrastructure, and more,” Izunaso stated.
He stressed that the legislation would empower the SEC as the apex regulatory authority, ensuring transparency, fairness, and efficiency while safeguarding investors and reducing systemic risks.
In addition to regulating securities and investment activities, the bill explicitly targets unauthorized and fraudulent practices, introducing harsher penalties for Ponzi scheme operators.
Dr. Emomotimi Agama, Director General of the SEC, revealed that offenders would face fines of at least N20 million, up to 10 years imprisonment, or both.
He noted that the bill also expands the Investor Protection Fund to cover losses from brokerage deregistrations, addressing a critical gap in investor safeguards. Senators Isa Jibrin and Adetokunbo Abiru lauded the bill for aligning Nigeria’s capital market with global standards.
