The Chairman of the Senate Committee on Capital Market, Osita Izunazo has said that the Senate will examine the legal frameworks that the National Assembly is now working to alter in order to increase listings and reduce tax evasion.
Izunazo reiterated the Senate’s commitment to advancing legislative changes meant to raise the Nigerian capital market to unprecedented heights when he made this statement Tuesday while leading the delegation’s visit to the Nigerian Exchange Group (NGX Group).
He called on stakeholders to come together in the pursuit of shared objectives and emphasized the vital role that the capital market plays in promoting economic success.
“We are committed to reviewing various legislative frameworks awaiting amendment in the National Assembly. This includes the Investment and Securities bill, the CIS bill, and the Private Companies Conversion and Listings (PCCL) Bill, among others,” stated Izunazo.
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Emphasizing the importance of public enlightenment on stock market investment benefits, Izunazo underscored the role of legislative interventions in encouraging companies to list on the Exchange.
“Listing on the stock exchange promotes transparency, curbs tax evasion, and fosters both individual company and economic growth,” he remarked.
“Our visit to NGX underscores our dedication to advancing the Nigerian capital market’s growth agenda. We will continue collaborating closely with market stakeholders to tackle existing challenges and unlock growth opportunities,” Izunazo concluded.
The Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda assured the Exchange of strengthening its regulatory framework aimed at supporting the Exchange and diversifying the market.
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Speaking on the efforts to motivate more private investors into the market, he stated: “We are doing everything that we can to get regulations that give confidence to both domestic and foreign investors.
For example, we have the policy on custody of all CIS products in our market, whether bilateral or public and we have seen the CIS sector responding positively to this development.
The asset under management is growing and investors are better advised to invest through the CIS because they have experienced portfolio managers who are best equipped to manage their investments.”
The Group Chairman of NGX, Umaru Kwairanga, in his remarks, emphasized the need for collaborative efforts between government, regulatory bodies, and market participants to unlock the market’s full potential.
The Chief Executive Officer of NGX Group, Temi Popoola, echoed Kwairanga’s sentiments, emphasizing the importance 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.
