The Chairman of the Senate Committee on Capital Market and Institutions, Osita Izunaso, has pledged the Senate’s commitment to driving legislative reforms aimed at propelling the market to new heights. Izunaso made this commitment during a visit to the Nigerian Exchange Group (NGX Group) on Tuesday, where he emphasized the critical role of the capital market in fostering economic prosperity.
During the visit, Izunaso assured stakeholders of a comprehensive review of legislative frameworks within the National Assembly. He specifically mentioned plans to revisit key bills, including the Investment and Securities bill, the CIS bill, and the Private Companies Conversion and Listings (PCCL) Bill, which has been pending since 2014. The goal is to create a conducive legislative environment that supports market growth.
Beyond legislative efforts, Izunaso underscored the need for aggressive public enlightenment campaigns to educate the public on the benefits of investing in the stock market. He highlighted the importance of these legislative interventions in incentivizing companies to list on the Exchange, promoting transparency, and mitigating issues of tax evasion.
Izunaso stated, “Our visit to NGX today is a testament to our dedication to advancing the growth agenda of the Nigerian capital market. We would continue to collaborate closely with market stakeholders to address existing challenges and unlock opportunities for growth.”
The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, echoed the commitment to strengthening the regulatory framework to support NGX Group and deepen the market. Yuguda highlighted ongoing efforts to instill confidence in both domestic and foreign investors through robust regulations. He specifically pointed to the positive response from the Collective Investment Scheme (CIS) sector to recent regulatory initiatives.
Umaru Kwairanga, the Group Chairman of NGX, stressed the importance of collaborative efforts between the government, regulatory bodies, and market participants to unlock the market’s full potential. Temi Popoola, the Group Chief Executive Officer of NGX Group, echoed these sentiments, emphasizing the significance of legislative interventions to encourage dollar-denominated transactions and the role of the capital market in revenue mobilization and tax compliance. He also highlighted the importance of pension reforms and the introduction of derivatives as instruments to mitigate market volatility.
