In a major move to strengthen financial oversight and shield Nigerians from fraudulent investment schemes, the Senate has finalised plans to unveil the details of the newly enacted Investment and Securities (Repeal and Re-enactment) Act 2024 (SB. 128), recently signed into law by President Bola Tinubu.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and sponsor of the landmark legislation, disclosed this during a briefing with journalists in Abuja yesterday.
The announcement came as part of his two-year stewardship review as the representative of Imo West Senatorial District, during which he has sponsored 12 significant bills and moved over 20 motions in the National Assembly.
Izunaso explained that the Act is specifically designed to combat Ponzi schemes and other fraudulent investment operations plaguing Nigeria. Backed by regulatory authorities and market stakeholders, the legislation enhances the Securities and Exchange Commission (SEC)’s enforcement powers while promoting greater transparency in the capital market.
The Act introduces stringent measures to safeguard investors, particularly in the digital space. However, Izunaso expressed concern that many Nigerians remain unaware of its provisions.
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