The House of Representatives had passed the bill, which is expected to aid the functions of the capital market and facilitate the ongoing economic diversification in the country among others, last December.
Chairman of the House Committee on Capital Markets and Institutions, Babangida Ibrahim had recently stated that the ISB is capable of transforming the capital market; encouraging the influx of foreign investors as well as boosting investors’ confidence, among others. “We owe a duty to Nigerians and Nigeria to make sure that things work well. In the financial market, we have the money market and the capital market.
“The bill expands the definition of a Collective Investment Scheme to include schemes offered privately to qualified investors. Minor reviews on various Sections of the extant law have been carried to provide greater clarity.” Yuguda also said that a recommendation is made in the bill for the inclusion of the National Pension Commission on the SEC board for increased collaboration between the two agencies, particularly to encourage greater investment of pension funds and in capital market products/instruments.