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House panel begins public hearing on capital market

Speaker of the House of Representatives, Mr. Femi Gbajabiamila says that the capital market needs to work well and efficiently for the economy to grow in a sustainable way.

He made the remarks while opening a public hearing called by the House Committee on Capital Markets and Institutions, on Tuesday in Abuja.

Majority leader, Peter Akpatason, represented the Speaker.

The hearing will look at bills to repeal the Investment and Security Act of 2007 and enact the Investment and Securities Bill to establish the Securities and Exchange Commission as the apex regulatory authority for 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 to repeal the Chartered Institute of Stockbrokers, CAP. C 9 Law of the Federation of Nigeria 2004, and to establish the chartered institute of securities and investments, and related matter

Mr. Babangida Ibrahim, chairman of the committee, stated that the panel is committed to ensuring that the Securities and Exchange Commission (SEC) fulfills its core mandates.

In their presentations, stakeholders threw their support behind the bills, particularly the proposed legislation for a provision that the investor protection fund established by securities exchanges would compensate investors who suffered monetary losses as a result of the revocation or cancellation of the registration of a dealing member firm.

Reporting Ibrahim Shehu; editing Hadiza Abdulrahman and Saadatu Albashir