Don’t Set CBN,SEC On War Path,Official Warns

         Mohammed Shosanya

The Central Bank of Nigeria (CBN), Thursday warned the Senate against creating crisis between it and the Security and Exchange Commission (SEC).

The warning came to the fore during a public hearing on Investment and Securities Bill, 2024 at the National Assembly in Abuja.

The proposed bill seeks for an act to repeal the Investment and securities Act 2007 and enact the Investment and Securities Bill, 2024.

In his submission on the proposed law before the committee on Capital Market,the representative of CBN, Tukur Galadima, kicked against absolute powers being proposed for SEC over public companies, which according to him,involved some financial institutions that are under the control of CBN .

He also faulted provision in the proposed law for using cash to buy securities .

” You cannot use cash to buy securities.It is contrary to provisions of law against money laundry “, he said .

He also advised the committee to remove the provision in the proposed law,specifically section 193 allowing for Investment in multi currency,saying ” the issue of currency is strictly with CBN”.

He,however,said that left for observations raised,the CBN like other critical stakeholders , is in support of planned new law for regulation of the investment and securities and generally the capital market .

In his presentation,the Director – General of SEC , Dr Emomotimi Agama , said the move by the Senate committee to repeal the Investment and Securities 2007 Act and enact a new one,was very necessary.

He added:” For Nigeria to get it right among the comity of Nations as far as the capital market is concerned, the proposed law , needs to be passed before the year runs out .

“The proposed  bill , when passed into law , would turn around the Nigeria economy in the area of commodity market , cryptocurrency etc “.

Speaking,the Chairman of the Committee , Senator Osita Izunaso , said the SEC bill was  very sensitive being the ombudsman law covering the entire capital market .

He assured all the stakeholders that the final draft of the bill would be ready by next week and urged the office of  Accountant – General of the Federation , to join the committee at this stage to avoid refusal of presidential assent when eventually passed for third reading by both chambers of the National Assembly .