House Majority Leader Peter Akpatason said the capital market must function properly and efficiently for the economy to grow sustainably.
He made the remarks at the opening of a public hearing convened by the House Committee on Capital Markets and Institutions.
Mr. Akpatason represented the President, Mr. Femi Gbajabiamila.
The hearing will consider bills to repeal the Investment and Security Act of 2007 and to enact the Investment and Securities Bill to establish the Securities and Exchange Commission as the regulatory authority. supreme regulation of the Nigerian capital market, as well as market regulation to ensure capital formation, investor protection, a fair, efficient and transparent market and the reduction of systematic risk, and for related matters
The second bill is an act repealing the Chartered Institute of Stockbrokers, CAP. C 9 Act of the Federation of Nigeria 2004, and to establish the Chartered Institute of Securities and Investments, and Related Matters
Mr. Babangida Ibrahim, chairman of the panel, said the panel is committed to ensuring that the Securities and Exchange Commission (SEC) fulfills its core mandates.
In their presentations, the speakers supported the bills, in particular the bill providing for a provision that the investor protection fund established by stock exchanges would compensate investors who suffered monetary losses as a result of the revocation or cancellation of the registration of a solidifier broker member.
Report of Ibrahim Shehu; editing Hadiza Abdulrahman and Saadatu Albashir