Nigerian President Bola Ahmed Tinubu Signs the Investment and Securities Act (ISA) 2024 into Law

The newly enacted legislation repeals the former Investments and Securities Act No. 29 of 2007 and is designed to fortify the legal

President Bola Ahmed Tinubu's administration has reached a milestone with the official signing of the Investment and Securities Act (ISA) 2024.

The Act, which President Tinubu's administration has been working on since 2023, is set to introduce structural changes to the market.

Announced by the Securities and Exchange Commission of Nigeria (SEC Nigeria), the presidential assent marks a pivotal moment in the nation's capital market.

The new legislation, which comes into effect following the enactment of the former Investments and Securities Act No. 29 of 2007, is designed to strengthen the legal and regulatory framework governing investments and capital market activities in the country.

The report highlights that the presidential assent to the Act follows the Economic and Financial Crimes Commission (EFCC) securing the conviction of a former chairman of the SEC for corruption in 2023.

The new Act also expands the SEC’s regulatory scope 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 allow it to maintain its "Signatory A" status under IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU).

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.

The statement from SEC Nigeria reads:

"The apex capital market regulator will continue to provide updates and engage with stakeholders as needed.

"This presidential assent is a major boost for investor confidence and market development.

"The ISA 2024 underscores our dedication to fostering a dynamic, inclusive, and resilient capital market.

"The news of the president's assent to the new Investment and Securities Act is a testament to the administration's commitment to economic growth and a diverse capital market.

"The administration is grateful for the bipartisan support of the National Assembly in passing the Act and 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."

The new Act is poised to reignite investor interest in the Nigerian capital market by providing a clearer regulatory landscape for emerging asset classes, including digital assets and commodities, while strengthening investor protection mechanisms.

The report concludes by stating that the enactment of the ISA 2024 takes Nigeria a step closer to establishing a world-class capital market – one that is "inclusive, innovative, and resilient."