President Bola Tinubu has signed the amended Investment and Securities Act (ISA) 2024 into law, marking a significant milestone in Nigeria’s financial landscape.
This new legislation replaces the Investments and Securities Act No. 29 of 2007, introducing comprehensive reforms aimed at strengthening the country’s capital market.
The ISA 2024 enhances investor protection, promotes market integrity, transparency, and sustainable growth.
It also aligns Nigeria’s market operations with international best practices, making the country a more attractive destination for local and foreign investments.
Some key provisions of the ISA 2024 include:
- Classification of Exchanges: Securities Exchanges are now categorized into Composite and Non-composite Exchanges.
- Financial Market Infrastructures: New provisions cover Central Counter Parties, Clearing Houses, and Trade Depositories.
- Enhanced Regulatory Powers: The Securities and Exchange Commission (SEC) now has increased regulatory powers, comparable to global securities regulators.
- Investor Protection: The Act introduces critical reforms to protect investors and promote market integrity.
Dr. Emomotimi Agama, Director-General of the SEC, praised the President’s assent, stating that the ISA 2024 reflects Nigeria’s commitment to building a dynamic, inclusive, and resilient capital market.
