Nigerian President, Bola Ahmed Tinubu, has officially signed the Investment and Securities Act (ISA) 2024 into law, marking a pivotal moment in Nigeria’s capital market reform.
The newly enacted legislation repeals the former Investments and Securities Act No. 29 of 2007 and is designed to fortify the legal and regulatory framework governing investments and capital market activities in the country.
The Securities and Exchange Commission of Nigeria (SEC Nigeria), in a statement, described the presidential assent as a ‘transformative step’ aimed at bolstering investor protection, enhancing market transparency, and driving sustainable growth.
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One of the standout achievements of the ISA 2024 is the expansion of SEC’s regulatory authority to align with global standards set by institutions like the International Organization of Securities Commissions (IOSCO).
According to SEC Nigeria, these enhanced regulatory powers will enable it to maintain its “Signatory A” status under IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), a crucial benchmark for credibility in global financial markets.
The Act introduces several structural reforms and innovations affecting exchanges, digital asset operators, commodities trading, and systemic risk management, ensuring that Nigeria’s capital market remains competitive and resilient.
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SEC Director-General, Dr. Emomotimi Agama, hailed the presidential assent as a major boost for investor confidence and market development.
“The ISA 2024 underscores our dedication to fostering a dynamic, inclusive, and resilient capital market,” Dr. Agama stated.
“By addressing regulatory gaps and incorporating forward-looking provisions, the Act empowers the SEC to drive innovation, enhance investor protection, and reposition Nigeria as a prime destination for both local and foreign investment.”
Dr. Agama also commended the National Assembly for its bipartisan support and acknowledged the pivotal roles played by the Honourable Minister of Finance and the Minister of State for Finance in aligning the Act with the broader economic vision of the Tinubu administration.
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The ISA 2024 is poised to reignite investor interest in Nigeria’s capital market by providing a clearer regulatory landscape for emerging asset classes, including digital assets and commodities, while strengthening investor protection mechanisms.
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By fostering a more balanced playing field for issuers, exchanges, and operators and equipping regulators with the tools to combat fraud and misconduct, the Act lays the foundation for deeper capital formation and economic diversification.
With the enactment of the ISA 2024, Nigeria takes a significant leap toward establishing a world-class capital market – one that is inclusive, innovative, and resilient.
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