Key government agencies and stakeholders have expressed differing concerns over the proposed Investment and Securities Bill 2024.
The bill, which is intended to repeal the Investment and Securities Act of 2007 and enact new regulations for Nigeria’s capital market, drew feedback from the Central Bank of Nigeria and the Ministry of Finance, who caution that certain provisions could create friction and reduce oversight.
The various stakeholders raised their concerns at a public hearing held on Thursday, at the National Assembly complex.
Representing the CBN, Tukur Galadima voiced opposition to the expansive powers the bill grants the Securities and Exchange Commission over public companies, particularly financial institutions under the CBN’s jurisdiction.
Galadima argued against allowing cash transactions for securities purchases, citing anti-money laundering laws, and urged the Senate to remove a section permitting investments in multiple currencies, stating, “The issue of currency is strictly with CBN. You cannot use cash to buy securities. It is contrary to the provisions of law against money laundering,” he added.
