NASS mulls legislations to boost capital market

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National Assembly yesterday promised to give expeditious passage to proactive capital market legislations that would boost the sector in particular and the nation’s economy in general.
Chairman of the National Assembly and Senate president, Dr. Bukola Saraki, and the speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, made the promise at the ongoing two-day capital market stakeholders’ forum organised by the National Assembly Joint Committee on Capital Market and Institutions in Abuja.
They called on stakeholders to come up with draft bills that would provide adequate legislative instruments to fast-track the necessary change and reforms expected in all critical sectors of the country.
The Nigerian stock market lost more than N1.63 trillion in January this year, representing 16.50 percent to close at N8.225 trillion from the N9.850 trillion in December last year, due to profit-taking and currency volatility.
According to Saraki, economic reform bills that will make Nigeria investors’ friendly are already at critical stages at the upper legislative chamber.
He listed them to include Independent Warehouse Regulatory Agency Bill, Secured Transactions in Movable Assets Bill, Franchising Bill, Companies and Allied Matters Act (amendment) Bill, Nigerian Ports and Harbours Authority Bill and Nigerian Railway Authority Bill.
The Senate president said: “I hope that when you leave here at the end of the two days, what I will like to see is a working document with a clear timetable, listing the draft bills that you want us to pass.
“The eighth National Assembly understands the issue that Nigeria is going through. And I can assure you to give us those bills, we will turn them around and pass them as soon as possible,” he added.
In his address, Dogara informed that the lower house was in the process of tightening regulations in the stock market to ensure that the investments were protected from fraudulent operators.
He said this …Read More

Source:: Nigerian Pilot