Senator representing Imo west and Chairman Senate Committee on Capital Market, Osita Izunaso, has expressed the confidence that the newly signed Investment and Securities Bill 2025 will make feasible the present administration projection of $1trn economy goal.
He also said the new Act signed into law will make accessibility to the capital market seamless for the subnationals.
Senator Izunaso made the submission while speaking with journalists in Abuja.
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He said: “Today, Mr. President is talking about a $1 trillion economy. By signing this Act into law, it means that Nigeria is set for that $1 trillion economy.
“So today, the capital market has been reset for that purpose. I would also like to make it clear that the days of Ponzi insider trading and market manipulations are over in Nigeria.
“With the new law, states and local governments can approach the capital market for long-term funding. Instead of relying on federation accounts and commercial borrowing, states and the 774 LGAs can now go to the capital market for long-term funding for the projects.
“For now, only the Lagos Island Local Government Area has approached the capital market to secure loans to fund their projects.”
Speaking further on the Act signed into law last week by President Tinubu, the Imo lawmaker maintained that it would stimulate growth in digital assets, including cryptocurrency, astronomically.
He said, “With what we have done today, for the first time in the history of Nigeria, digital assets as well as cryptocurrency have now been recognized as a form of security in Nigeria. This means that people can now trade with digital assets and cryptocurrency, which will be properly regulated by the Securities and Exchange Commission.
“What it means is that the virtual asset services providers, as well as the digital asset operators, are today under the purview of the SEC. Today, we are making it more transparent for you to operate in the capital market.”So this new law is promoting investors’ confidence, repositioning Nigeria because hitherto, the ISA of 2007, was not in compliance with the International Organisation for Securities Commissions. So you can trade anywhere now in Nigeria internationally, taking it from the records that are known, not the records that are not known, as we were doing it before.”
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