Tag: Senate passes Bill

Okays Police Force Training Institutions Establishment Bill

The Senate yesterday passed for third reading the Investments and Securities (Repeal and Enactment) Bill 2024.

The resolution of the Senate followed its consideration and adoption of the recommendations of its Committee on Capital Market, chaired by Osita Izunaso (APC, Imo West).

In its report, the committee explained that the repeal and enactment Bill, when signed into law, would make the Securities and Exchange Commission (SEC), the apex regulatory authority for the Nigerian capital market, more vibrant.

Read Also: Tinubu departs South Africa after Bi-National event

The objectives of the proposed law, as stated in the Bill, are strategically streamlined within the contemplation of emerging global best practices in investments and securities by protecting the integrity of the security market against all forms of market abuse and insider dealings, preventing unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments etc.

The report reads: “That the extant law, as revolutionary as it was at its inception, after many years of its operation, requires systemic substantial updates to align with the evolving financial markets and regulatory frameworks globally, in order to make it more attractive to both local and foreign investors;

The Senate yesterday passed the National Anthem Bill 2024, which seeks to reintroduce the old anthem: “Nigeria, We Hail Thee.”

Last week, the Red Chamber had passed the Bill for first and second reading and committed it to its Committee on Judiciary, Human Rights and Legal Matters for further legislative work.

The passage of the Bill for third reading followed the consideration and approval of the report of the committee.

Read Also: Nigeria’s Democracy at 25: The Search for Govt System that Works

The Chairman of the Committee, Mohammed Monguno (APC Borno North), presented the report.

The House of Representatives had also passed the Bill for third reading last week.

In his presentation, Monguno asked the Senate to pass the Bill, based on its importance.

He said: “The parliament considers this Bill important and the National Anthem is a representation of the country’s history, culture and people.

“The proposed Bill is apt, timely, and important.”

Thereafter, the Senate dissolved into the Committee of the Whole to consider the clauses of the Bill and subsequently passed them.

“Nigeria, We Hail Thee” was adopted as the country’s first national anthem on October 1, 1960, but was dropped in 1978 by the Olusegun Obasanjo military regime.