Investment and Securities Act Passage Receives Widespread Praise, Set to Boost Nigeria’s Financial Market
The recent passage of the Investment and Securities Act (ISA) has garnered significant approval from key stakeholders in Nigeria’s financial sector. Market experts and industry leaders believe the new legislation will enhance investor confidence and attract substantial global investments to the country. President Bola Tinubu, upon signing the bill into law, emphasized that the Act would strengthen capital market regulation and replace the outdated ISA of 2007. The Securities and Exchange Commission (SEC) lauded the legislation, calling it a transformative step for the nation’s financial markets.
Industry professionals have also highlighted the numerous advantages brought by the new law, including stronger regulatory oversight, increased transparency, and a modernized legal framework. These changes are expected to make Nigeria a more competitive and secure investment destination for both foreign and domestic investors. Oluropo Dada, President of the Chartered Institute of Stockbrokers (CIS), praised the Act as a significant achievement for the market and a promising step toward economic growth, noting its alignment with global best practices.
The Act is seen as a major leap forward in bolstering investor protection and modernizing the country’s financial infrastructure. Sam Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), emphasized that the Act would restore confidence among market participants, fostering greater market growth. Eguarekhide Longe, Managing Director of NASD, further emphasized that the new law would strengthen investor protections, adapt to the rise of digital financial products, and enhance fraud detection mechanisms.
With the passage of this landmark legislation, Nigeria’s capital market is expected to witness increased global investment and greater market stability. Akin Akeredolu-Ale, Managing Director of the Lagos Commodities and Futures Exchange (LCFE), noted the growing recognition of the capital market’s role in driving economic prosperity. Overall, stakeholders are confident that this legislation will pave the way for a more robust, transparent, and prosperous financial market in Nigeria.
Source: The sun