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Capital Market: Senate receives three bills from SEC

By on June 18, 2017

The Security and Exchange Commission (SEC), on Thursday, presented three draft bills to the Senate, aimed at enhancing the operations of the capital market and reposition it as a dependable catalyst for economic recovery.

The Director General of SEC, Mounir Gwarzo, said the bills were in response to the challenge thrown to the Commission by the Senate President, Dr. Abubakar Bukola Saraki, during a roundtable conference organized by the Senate last year on how to reposition the nation’s Capital Market for effectiveness.

The bills which were presented to the Senate President during a courtesy call by a SEC delegation led by its DG, Gwarzo, in Abuja, according to a statement by the Chief Press Secretary to the Senate President, Sanni Onogu, include the Investment and Securities Bill, Companies and Allied Matters Act (CAMA) (amendment) Bill and the Financial Reporting Council of Nigeria Act (amendment) Bill.

The Senate President who received the bills said they were necessary to provide a conducive environment for investment in the country and to make the nation’s capital market conform to international best practices.

He said the bills when passed into law would help boost investment in the country and thus create jobs for Nigerians.

He said: “First of all, I remember attending the conference that was organised last year. It was an effort done by our former colleague, Senator Isiaka Adeleke and also his Vice, Senator Foster Ogola.

“I remembered we all commended the Conference and I challenged the SEC that time that they should from the conference come up with areas that they felt we need to review that will make a lot of difference in the area of investment and also to deepen our capital market.

“Am happy that you have been able to come up with a report that we can work with. While waiting for you on the report, work has already been done to some areas.

“For example, I know that CAMA and the Investment Security Act (amendment) bill are already being considered, nevertheless, I think they are still at Committee stages. So, definitely, I will get these reports across to them so that they can incorporate all the issues here.

“Most important here is to see that we carry out necessary amendments in these laws that will be in line with the international best practices and ensure Nigeria is an investment destination.

“As such we will be able to help our people to provide employment, fight poverty and create wealth. I want to assure you that this report will not just lie without anything being done on them. We want to promise you that you can start counting, we will start the process and hopefully, very soon we will be able to pass these bills,” he said.
[Daily Trust]