The Human Rights Writers Association of Nigeria (HURIWA) has commended the unwavering commitment and legislative brilliance of Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market, for his pivotal role in the enactment of the Investment and Securities Act (ISA) 2025, describing it as a historic breakthrough in Nigeria’s financial, digital, and economic regulatory landscape.
In a public statement signed by its National Coordinator, Comrade Emmanuel Onwubiko, HURIWA praised Senator Izunaso’s dexterity and tireless effort in steering the legislative processes that birthed this transformative Act. The civil rights body noted that the newly enacted ISA 2025 is not just a milestone in capital market reform but also a remarkable testament to consistency, resilience, teamwork, and visionary leadership—attributes that define Izunaso’s legislative legacy.
The ISA 2025, which repeals the Investment and Securities Act of 2007, introduces a robust and modern framework designed to reset Nigeria’s investment and securities space in line with international standards. With its comprehensive scope, the law addresses long-standing gaps and integrates innovations critical to the digital economy, including the official recognition of digital assets and cryptocurrencies as securities.
According to HURIWA, “This monumental legislative achievement underscores the sheer brilliance and foresight of Senator Osita Izunaso, whose tireless pursuit of economic reform has led to a law that will forever change Nigeria’s capital market trajectory. By successfully championing the regulation of digital assets, enforcing stiffer penalties against Ponzi scheme operators, and aligning Nigeria’s laws with international best practices, Senator Izunaso has delivered a masterstroke for the nation’s economic growth and investor confidence.”
The association emphasized that the legal recognition and regulation of digital assets and Virtual Asset Service Providers (VASPs) under the Securities and Exchange Commission (SEC) now brings sanity and protection to an area previously plagued by chaos, fraud, and lack of oversight. Nigeria, long considered a global hub for cryptocurrency transactions, had until now operated in a regulatory vacuum, exposing millions of investors to losses and manipulation.
With the new law, digital asset operators will now operate under the direct oversight of SEC, enhancing transparency, boosting investor confidence, and fostering responsible innovation. HURIWA remarked that this singular feature of the new law would inject legitimacy into one of the fastest-growing sectors of the economy, unlock new revenue channels, and create more job opportunities, especially for Nigeria’s burgeoning youth population.
The association further hailed the Act’s stringent provisions against Ponzi schemes, insider trading, and market manipulation, stating that the imposition of up to 10 years imprisonment and heavy fines on violators marks the end of an era of economic sabotage in the capital market. HURIWA said this tough stance is crucial in restoring trust and safeguarding the lifetime savings of innocent Nigerians who have repeatedly fallen victim to fraudulent schemes.
HURIWA also lauded the classification of exchanges into Composite and Non-Composite categories under the law, noting that this will promote more effective risk management, enable regulatory precision, and accommodate varying levels of trading activities across market players. The clarity introduced by this differentiation will streamline operations in the capital market and reduce systemic risks.
Another major highlight of the ISA 2025 is its direct alignment with the standards of the International Organisation of Securities Commissions (IOSCO). HURIWA described this as a giant leap forward in Nigeria’s quest to attract global investment, stating that international stakeholders can now engage with Nigeria’s capital market in full assurance of compliance with global rules and protections.
The civil rights advocacy group also applauded provisions mandating all publicly quoted companies to obtain SEC approval for mergers, acquisitions, securities issuance, and any form of corporate restructuring. According to HURIWA, this will significantly improve corporate governance, eliminate sharp practices, and entrench transparency and accountability among publicly listed entities.
Beyond the private sector, HURIWA drew attention to the Act’s tremendous implications for public sector financing. With the new law, state and local governments now have the legal backing to access long-term funding through the capital market for critical infrastructure projects. HURIWA noted that this opportunity, if embraced, would reduce the overreliance on federal allocations and commercial bank loans, thereby fostering fiscal responsibility and developmental autonomy at the subnational level.
“This is an opportunity for transformational growth across Nigeria’s 36 states and 774 local governments,” the statement read. “We challenge the sub-national entities to take advantage of this window provided through Senator Izunaso’s foresight. With just one local government—Lagos Island—having accessed this route so far, the time is ripe for others to key in.”
In conclusion, HURIWA reiterated its commendation for Senator Osita Izunaso, describing him as a beacon of progressive legislative leadership. The group said the ISA 2025 stands as a legacy of monumental national value, one that will drive inclusive economic growth, digital innovation, investor protection, and capital market stability for years to come.
“This is not just legislation,” HURIWA stated. “It is a blueprint for economic transformation, a symbol of legislative excellence, and a promise kept to the Nigerian people. Senator Izunaso has shown what is possible when vision meets action.”
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