The Securities and Exchange Commission (SEC) has announced that His Excellency, President Ahmed Bola Tinubu, has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.

It was gathered that the landmark 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.

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 practice.

ALSO READ: Lagosians Hail Impact Of ADF’s National Food Relief Programme

Key highlights of the ISA 2024:

The Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.

Other notable provisions of the ISA 2024 include:

Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures- The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories.

Expansion of the definition and Understanding of Securities – 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 Asset Exchanges under the SEC’s regulatory purview.

Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.

Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.

Expansion of the Category of Issuers to the Public – The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.

Legal Framework for Commodities Exchanges – The Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.

Issuance of Securities by Sub-Nationals and their Agencies – Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.

Transparency in Securities Transactions – The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.

Enforcement Against Illegal Investment Schemes – The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.

Strengthening the Investments and Securities Tribunal – The Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate.

Commenting on this milestone, the Director-General of the SEC, Dr. Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market and stated: “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 and solicit their continued collaboration in respect of the effective implementation of the ISA 2024 for the benefit of our economy.”

The 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. The meticulous deliberations, extensive stakeholder engagements, and bi-partisan support demonstrated throughout the legislative process highlight the National Assembly’s resolve to foster economic growth and enhance investor confidence.

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.

Chairman of the Aliko Dangote Foundation (ADF) and Africa’s wealthiest person has continued to draw widespread commendation over the socio-economic impact of his national food relief programme, as the Foundation continues the distribution of 80,000 units of 10kg bags of rice to the vulnerable in Lagos State.

Biztellers reports that the Lagos flag-off of the nationwide rice distribution took place on March 18 at a well-attended programme at Lagos State Secretariat, Alausa, Ikeja, where Dangote was represented by an Executive Director of the Group, Hajiya Mariya Dangote, and received by the governor, Babajide Sanwo-Olu and top government officials.

Since the commencement of the distribution across the twenty local government areas in Lagos metropolis, there has been a gale of commendations for Dangote for his humaneness and heart of care in giving back to the society and assuaging the hunger of the less privileged and vulnerable in the society. The distribution of rice is taking place simultaneously with the existing daily distribution of thousands of loaves of bread in Lagos to the needy.

ALSO READ: Sanwo-Olu Lauds Jumia’s Strides In Nigeria’s E-Commerce Sector

To ensure a hitch-free and seamless distribution exercise in Lagos State, the eighty thousand 10kg bags of rice were allocated to various groups and associations. These include People Living with Disabilities, Market Women and Men, Non-Indigenes (Arewa, Ndigbo and South-South), Religious Groups, Artisans, National Youth Council of Nigeria, Joint Community Development Association, NUT, Hunters association, among others.

Chairman of Agbado Oke-Odo Local Council Development Authority (LCDA), Mr. Olabowale Kasumu, who supervised the distribution at the LCDA commended the Aliko Dangote Foundation, headed by the Managing Director/CEO, Mrs. Zouera Youssoufou for the wonderful gesture which he said has brought smiles and relief to many Nigerians.

Kasumu, who is also the Lagos State CDC Welfare officer said, “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid.”

A beneficiary from Non-Indigene Group (Ndigbo), Chidi Ugwuba, appreciated the ADF for its kindness, which he said would alleviate the suffering of her family and others.

For the Coordinator of People Living with Disability in Egbe Idimu LCDA, Turkson Abigail, “the rice donation is a godsend, especially during this fasting period.”

The Chairman of the Ikorodu Local Government CDC, Elder Yekini Ogunjimi said, “This Dangote rice will go a long way and is coming at a good time, Ramadan and Lent period. We appreciate him and when the beneficiaries in groups receive the food palliative, they share amongst their members resulting in Aliko Dangote Foundation reaping many more blessings.”

Another leader, Niran Ogunbawo stated that the greatest challenge people are having is how to feed adding that the rice distributed will go a long way in feeding families and this will put smiles on their faces. He added, “I want to thank the Aliko Dangote Foundation for this gift to poor Nigerians. It is coming at a good time.”

Ms. Adeoti, a beneficiary from Odogunyan area of Ikorodu North LCDA stated the community was happy on getting the information the Dangote Foundation is distributing rice to residents, noting that “during this Ramadan period the rice will go a long way to support the family during Iftar.”

Chairperson of Ikeja Local Government, Alhaja Adefolani Taibat, speaking at the distribution in Ikeja axis described the initiative as a lifeline for many Lagosians who are either observing the Ramadan Fast or the Christian Lent. She said, “This would go a long way in providing relief to families, especially those who are in lack as a result of the current economic situation of the country. We commend Mr. Dangote for his moves to alleviate hunger in the land this period, as this would help lessen the hardship many Nigerians are facing to get food on their tables.” She also urged other thriving businesses to take a cue from what Dangote is currently doing to give back to the nation.

Chairman of the National Association of Persons with Physical Disabilities (Lagos Chapter), Kayode Shokunbi, in his remarks said, “Mr Dangote is well known for his philanthropy, and he has always rendered help when needed. We appreciate him for yet another great intervention this period, and I pray Almighty Allah blesses all his businesses just the way he has blessed us this season. Many thanks to Aliko Dangote Foundation and Lagos State government for actualising this.”

An artisan, Mr. Musa Fatai who spoke on behalf of others said, “We genuinely appreciate Dangote for his effort to feed the less privileged. Several persons are working tirelessly to make ends meet, but it has been exceedingly difficult to take care of their families. This programme, however, will lessen the burden even on the artisans. We urge him to keep up with the excellent work, and may Almighty Allah bless his bread too.”

Several other beneficiaries sang the praises of Dangote for his compassion and notable effort in helping struggling Nigerians. They all hailed “Mr. Dangote” as they joyfully received their bags of rice and headed home.

Recall that the ongoing Lagos gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million people in the 774 local government areas of the country, under the National Food Relief Programme of the Aliko Dangote Foundation. The programme is being done to complement government efforts to assuage the hunger of the vulnerable and needy persons in the society across the country.

The Lagos State Governor, Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the e-commerce sector, and unique contributions to economic development.

In his view, Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which has made it a household name.

He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them.

Sanwo-Olu barred his mind during a courtesy visit by the management of Jumia Nigeria to the State House in Marina on Thursday.

He reaffirmed the strategic importance of the company in the economic development of Lagos State and Nigeria, especially in job creation. He restated his administration’s commitment in ensuring that Lagos State remains environmentally friendly for businesses to grow.

ALSO READ: Okpebholo Orders Full Investigation Into Barbaric Killing Of Armed Fulani Civilians In Uromi

“Our administration has always prioritized creating an enabling environment for businesses to thrive. Through various initiatives, we have strengthened the ease of doing business, and fostered innovation to drive economic growth, and we will continue to support businesses and create opportunities that will aid in their growth”, Sanwo-Olu said.

Gov Sanwo-Olu said that the Lagos State Government remains open to collaborations with the private sector to enhance service delivery, infrastructure development, and create opportunities for residents, with the aim of building a resilient and sustainable future. He said the administration recognises the importance of working with the private sector to achieve its goals of improving the lives of its citizens.

Similarly, the Chief Executive Officer of Jumia Nigeria, Sunil Natraj, thanked the governor for creating an enabling environment in the state for businesses like Jumia to grow.

He stated Jumia’s commitment to contributing towards the growth and development of the state, and the country.

Natraj said the company has made tremendous strides from its early days as a tech start-up in Lagos and has grown to become the number one e-commerce platform in Nigeria, with a presence in nine African countries.

He said the company presently employs hundreds of Nigerians directly, and thousands more indirectly as independent sales agents and partners.

Sunil restated Jumia Nigeria’s commitment to providing excellent service, focusing on delivering exceptional value and fostering long-term relationships with its customers around the country. Among other things, he said the company is actively working to enhance customer experience, aiming to simplify the e-commerce process, making it easier for customers to navigate and shop online.

According to him, Jumia aims to transform everyday life in Africa by making it easier for consumers to access goods and services conveniently and affordably, adding that the company is focused on expanding access to retail across the country.