President Bola Tinubu has approved the amended Investment and Securities Act (ISA) 2024, a move that promises to strengthen Nigeria’s capital market and boost investor confidence.
The Securities and Exchange Commission (SEC) announced the development, describing it as a game-changer for the financial sector.
“The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice,” the SEC stated.
One key highlight of the new law is the enhanced regulatory power of the SEC, bringing it in line with top global standards. This ensures Nigeria maintains its Signatory A status under the International Organisation of Securities Commissions (IOSCO), making the country’s capital market more attractive to investors.
Other major provisions include the classification of exchanges into Composite and Non-composite categories. Composite Exchanges allow all types of securities, while Non-composite Exchanges focus on specific products.
The law also formalises regulations for financial market infrastructures such as Central Counter Parties, Clearing Houses, and Trade Depositories.
The Director-General of SEC, Dr Emomotimi Agama, hailed the Act as a significant step forward.
“The ISA 2024 reflects our commitment to building a dynamic, inclusive, and resilient capital market,” he said. “By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently, and reposition Nigeria as a competitive destination for local and foreign investments.”
With this new law, experts believe Nigeria is poised for a more transparent and globally competitive capital market.
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