November 14, 2024 11:19 pmThe Central Bank of Nigeria says some provisions in the proposed investment and securities bill 2024 of the Securities and Exchange Commission could conflict with existing laws on money laundering.
Galadima said a major issue in the proposed bill was the term “public companies” in the SEC’s expanded regulatory remit.He said the proposed legislation is such that the SEC would be given absolute powers over public companies. Galadima also advised the committee to remove the provision in the proposed law, specifically section 193, which allows for investment in multi-currency.The lawmaker further warmed that the provisions in the bill allowing cash purchases of securities, contravenes the Foreign Exchange Act of 1995, and would encourage money laundering.Advertisement“So, for you now to say that somebody can use cash to buy securities, that is completely illegal.
“We are, as always, willing to work with SEC, to work with the committee, to work with all the stakeholders to ensure that the bill is speedily passed”, he added.