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President Tinubu Signs Investments, Securities Act 2024 into law

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President Tinubu Signs Investments, Securities Act 2024 into law

President Tinubu signs investments, securities act 2024 into law. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.

President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.

The landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection and introduces critical reforms to promote market integrity, transparency and sustainable growth.

This is according to a statement by the Securities and Exchange Commission (SEC) on Saturday.
The enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market.
The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.

The statement read in part, “The Securities and Exchange Commission (SEC) is pleased to announce that President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.”

Commenting on the development, Director-General of the SEC, Dr Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market.

Mr Agama said, “The ISA 2024 reflects our commitment to building a dynamic, inclusive and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.

We commend stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone.

“We solicit their continued collaboration in respect of the effective implementation of the ISA 2024 for the benefit of our economy. SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market.”

Mr Agama noted that the meticulous deliberations, extensive stakeholder engagements and bi-partisan support demonstrated throughout the legislative process highlighted the National Assembly’s resolve to foster economic growth and enhance investor confidence.

He said, “We also commend the honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project.

Their strategic guidance, policy expertise and steadfast support have ensured that the ISA 2024 aligns with Nigeria’s broader economic objectives. The SEC would continue to engage with market operators, investors, and all stakeholders to ensure a seamless transition from the repealed ISA 2007 to the new legal regime established under the ISA 2024.”

The Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators.

These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC to retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.

Other notable provisions of the ISA 2024 include classification of Exchanges and inclusion of provisions on Financial Market Infrastructures
The Act classifies securities exchanges into composite and non-composite exchanges.

A composite exchange is one in which all categories of securities and products can be listed and traded, while a non-composite exchange focuses on a singular type of security or product.
There are also new provisions on financial market infrastructures such as central counterparties, clearing houses and trade depositories.

The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory requirements.

It introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.

The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.

The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities,” subject to the approval of the commission and other controls stipulated in the Act.

SEC Warns Again Violation

SEC, Tinubu Signs Investments

It contains a new part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the commodities ecosystem.

Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by sub-nationals to allow for greater flexibility in this regard.

The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.

The Act expressly prohibits ponzi schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.

It amends some key provisions in the repealed ISA 2007 pertaining to the composition of the tribunal, constitution of the tribunal, qualification and appointment of the chief registrar as well as the jurisdiction of the tribunal to enhance the ability of the tribunal to optimally discharge its mandate.

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Ex-VP Atiku Demands Independent Probe Of N17.5tn For Pipeline Security

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ADC Is Nigeria’s Only Reliable Political Party

Ex-VP Atiku Demands Independent Probe Of N17.5tn For Pipeline Security

Ex-VP Atiku demands independent probe of N17.5tn for pipeline security. Former vice president Atiku Abubakar has called for an independent forensic audit of N17.5 trillion for the securing fuel pipelines and other related issues.

The former vice president, who described the figure as one of the most brazen financial scandals in the nation’s history, also called on the federal government to publish the full list of companies awarded these contracts.

Atiku, in a statement, also said the scope, deliverables, and duration of each contract should be disclosed just as further disbursement must be halted until accountability is established. He also charged the governor to explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation.

The former vice president was reacting to a report that the Nigerian National Petroleum Company Limited (NNPCL) spent N17.5 trillion in just 12 months on “securing fuel pipelines and others.”

Reacting, the former vice president, while questioning the figure, said Nigeria spent roughly N18 trillion on fuel subsidy over a period of 12 years in a national programme that directly cushioned millions of Nigerians, stabilised the transport sector, and helped keep food prices manageable.

He however said under President Bola Tinubu, the country has now expended nearly the same amount in a single year on the same subsidy and opaque pipeline security contracts awarded to private firms tied to associates and cronies of the President.

Likening the president’s action to robbing Peter (Nigerians) to pay Paul (cronies), Atiku noted that it is not governance but a grand larceny dressed as public expenditure. “The Tinubu administration justified the removal of fuel subsidy by claiming the country could no longer afford it. Nigerians were told to tighten their belts, endure hardship, and “make sacrifices.”

“However, the same administration has now channelled ₦17.5 trillion — an amount that could transform Nigeria’s power sector, rebuild our refineries, or fund universal healthcare — into opaque security contracts whose beneficiaries are conveniently linked to those in power.

“In some places in the country, a litre of PMS goes for over N1,000 and the justification for this by the Tinubu administration is the wholesome removal of subsidy, yet according to the records provided by the NNPCL, this same administration has spentN7.13tn on what it calls, “energy-security cost to keep petrol prices stable”; another N8.67tn on what it calls “under-recovery.”

These two balablu nomenclatures: energy-cost and under-recovery are a new coinage of the Tinubu administration to deceive Nigerians on the government’s fraudulent claim that it was no longer paying subsidies on petroleum products.”

He further raised some posers for the Tinubu administration: “Who are the companies paid under these contracts? “What specifically justifies a 38.7 percent rise in the amount of energy-cost from N6.25tn in 2024 to N8.67tn in 2025?

“Why is pipeline security now more expensive than a decade-long subsidy that served over 200 million Nigerians? “Where are the audit reports, parliamentary oversight findings, and cost-validation documents?”

The former vice president said no administration that presides over this level of fiscal recklessness has the moral authority to demand sacrifice from its people.
He added that the Nigerian public cannot continue to suffer crushing inflation, punitive fuel prices, an unending collapse of the naira, and widespread hunger — only for a select circle of political allies to pocket trillions under the guise of “pipeline security.”

“This scandal confirms what Nigerians already know: the Tinubu administration did not end subsidy — it merely redirected public wealth from the entire nation to a privileged cartel anchored around the Presidency. “The government must, without delay: Publish the full list of companies awarded these contracts;
“Disclose the scope, deliverables, and duration of each contract.

ADC Is Nigeria’s Only Reliable Political Party

Atiku

“Subject the entire ₦17.5 trillion expenditure to an independent forensic audit; Halt further disbursement until accountability is established. “Explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation.”

He said Nigerians deserve transparency, not deceit, adding that leadership isn’t about cronyism. He stressed that Nigerians deserve a government that places national interest above private enrichment.

“This ₦17.5 trillion pipeline-security expenditure is not merely a financial anomaly — it is a moral indictment on the Tinubu administration and a clarion call for full accountability,” he said.

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.

The EFCC did not disclose the specific allegations for which Mr Malami was invited.

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Kano NSCDC Nabs 11 Suspected Hoodlums With Dangerous Weapons

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NSCDC

Kano NSCDC Nabs 11 Suspected Hoodlums With Dangerous Weapons

Kano NSCDC nabs 11 suspected hoodlums with dangerous weapons. According to Mr Idris-Abdullahi, the suspects were arrested on Wednesday at about 1:00 a.m.

The Nigeria Security and Civil Defence Corps (NSCDC), Kano State command, says it has arrested a gang of 11 suspected hoodlums found in possession of dangerous weapons in Mariri, Kumbotso Local Government Area.

This is contained in a statement issued on Friday in Kano by the command’s public relations officer, SC Ibrahim Idris-Abdullahi.
He listed the suspects as Idris Muhammad,20, Abubakar Shuaibu,24, Sagiru Hassan Yusuf, 25,  Idris Muhammad Morata, 25, and Anas Rabiu, 23.
Others were Yahaya Muhammad, 29, Khalid Idris, 28, Muhammad Adamu, 19, Muktar Auwal Muktar ,22, Salim Muktar, 18, and Saifullahi Nuhu,18.
According to Mr Idris-Abdullahi, operatives of the command apprehended the suspects on Wednesday at about 1:00 a.m, armed with dangerous local weapons.

NSCDC

NSCDC

“The gang was on a rampage after attending a local traditional festival in Mariri area and were attacking residents  and dispossessing them of their belongings.
“The gang also stormed a nearby NSCDC outpost in Mariri, attacked and left a staff fractured in the office” he said
Idris-Abdullahi listed the items recovered to include six cutlasses, swords and a pair of scissors.

He added that the command’s intelligence and investigation department had concluded investigations and the suspects would be charged to court.

Idris-Abdullahi quoted the state commandant, Mohammed Hassan-Agalama, as reaffirming the command’s commitment to tackling criminal activities, protecting critical national assets and safeguarding public peace in Kano State.

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