ISB currently undergoing consideration by NASS –SEC

By Chinwendu Obienyi

The Securities and Exchange Commission (SEC) has disclosed that Investments and Securities Bill (ISB) 2023 is currently undergoing consideration by the 10th National Assembly.

Its Director General, Lamido Yuguda, stated this in an interview at the weekend. He stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the dynamics of modern market is presently being considered by the 10th National Assembly and expressed hope that if passed into law, it will enable optimal contribution of the capital market to national development.

He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms. He added that the market must make sacrifices to help drive economic transformation that will change the nation’s fortunes for the better.

Commending President Bola Tinubu, Yuguda said that on assumption of office as President, there was a remarkable 5.23 per cent surge in market capitalisation at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs.

Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future”.

Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.

He cited that the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors. ‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023,” he said.