March 29, (THEWILL) – President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.
The Securities and Exchange Commission (SEC), disclosed this in a statement on Saturday.
The enactment of the ISA 2024, reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practices.
The statement reads, “The Securities and Exchange Commission (SEC) is pleased to announce that resident Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.”
Commenting on the development, Dr Emomotimi Agama, Director-General of the SEC, lauded the President’s assent as a transformative step for the capital market.
Agama said, “The ISA 2024 reflects our commitment to building a dynamic, inclusive and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.
“We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone.
“We solicit their continued collaboration in respect of the effective implementation of the ISA 2024 for the benefit of our economy.
“SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market.
“We also commend the Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria, as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project.
“Their strategic guidance, policy expertise and steadfast support have ensured that the ISA 2024 aligns with Nigeria’s broader economic objectives.
“The SEC would continue to engage with market operators, investors, and all stakeholders to ensure a seamless transition from the repealed ISA 2007 to the new legal regime established under the ISA 2024.”
The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital
The legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection and introduces critical reforms to promote market integrity, transparency and sustainable growth.
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