Osita Izunazo, the Chairman of the Senate Committee on Capital Market, has announced the Senate’s intent to review legislative frameworks aimed at boosting listings and curbing tax evasion in the Nigerian capital market.
During a visit to the Nigerian Exchange Group (NGX Group), Izunazo reaffirmed the senate’s commitment to driving legislative reforms to propel the market to greater heights.
Highlighting the pivotal role of the capital market in fostering economic prosperity, Izunazo urged stakeholders to collaborate in pursuit of common objectives.
He emphasized the Senate’s focus on reviewing various legislative frameworks awaiting amendment, including the Investment and Securities bill, the CIS bill, and the Private Companies Conversion and Listings (PCCL) Bill.
In addition to legislative reforms, Izunazo underscored the importance of public enlightenment on the benefits of stock market investments.
He noted that listing on the stock exchange promotes transparency, curbs tax evasion, and stimulates both individual company and economic growth.
The Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, reiterated the Commission’s commitment to strengthening regulatory frameworks to support the Exchange and diversify the market. Yuguda highlighted efforts to instill confidence in both domestic and foreign investors through robust regulations, such as the policy on custody of Collective Investment Scheme (CIS) products.
Umaru Kwairanga, Group Chairman of NGX, emphasized the necessity of collaborative efforts between government, regulatory bodies, and market participants to unlock the market’s full potential.
Temi Popoola, CEO of NGX Group, echoed Kwairanga’s sentiments, stressing the importance of legislative interventions to encourage dollar-denominated transactions and enhance revenue mobilization and tax compliance.
Popoola also emphasized the significance of pension reforms and the introduction of derivatives to mitigate market volatility
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