Senate to review Companies & Allied Matters Act, says Amosun

Metro

October 24, 2019

The Chairman, Senate Committee on Capital Market, Senator Ibikunle Amosun, has said the Companies and Allied Matters Act will be reviewed to remove obsolete information.

Amosun, while speaking during an interactive session with the Securities and Exchange Commission in Abuja on Tuesday, said the Senate was not unaware of the challenges facing the growth of the capital market.

According to a statement released by SEC, Amosun said the Senate desired to support SEC with legislations to develop the capital market.

He said, “We are ready to work to bring back investors confidence to the capital market by creating laws so that investments, which have been stagnant since 2007, can start.

“The National Assembly will ensure the passage of relevant laws, amendments of old ones and enactments of new ones.

“This committee is assuring you of its readiness to advise and to ensure cooperation and waivers on tax holidays, if and where necessary.”

Amosun said there was a need to revive the commodity exchange and make the market robust and functional.

He advised SEC to try to introduce new products and also raise the existing ones to make it worthy like other capital markets.

The acting Director-General, SEC, Ms Mary Uduk, said the decision of the Federal Government to reduce internal borrowing to be replaced with external borrowing would engender capital market growth.

She added that it would be beneficial, not just to the capital market, but also to the entire economy.

Uduk said, “More importantly, since the capital market over time serves as the barometer of any economy, the successful implementation of the Nigerian Capital Market Master Plan will aid the actualisation of the nation’s economic development aspirations.

“The Commission also needs to continue to encourage efficient market through disclosure and investor protection while making efforts at diversifying the products currently available.”

Source: The Punch

 

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