. Sets up committee to recover N6trn unpaid ground rent
The Senate yesterday passed into law, the Investments and Securities Bill 2023, to strengthen capital market operations and regulation.
The Bill, aimed to aid the functioning of the capital market and facilitate Nigeria’s economic diversification among others, was earlier passed by the House of Representatives last December.
During plenary on Wednesday, Senate President Ahmad Lawan, announcing the passage, said the Bill is expected to protect investors, adequately regulate the market to reduce systemic risks as well as provide more stringent punishment for operators of Ponzi schemes.
He said: “The Bill for an Act to repeal the Investments and Securitas Act 2007 Act No. 29 2007 and enact the Investments and Securities Bill 2023 to service the SEC as the apex regulatory authority for the Nigerian capital market as well as the regulation of market to ensure capital formation.
“This is to protect investors, maintain a fair, efficient and transparent market and reduction of systemic risk and for related matters is hereby passed.”
The Bill is expected to protect investors, adequately regulate the market to reduce systemic risks as well as provide more stringent punishment for operators of Ponzi schemes.
N6trn unpaid ground rent
In another development, the upper legislative chamber set up an ad hoc committee to recover over N6 trillion unpaid ground rent from property owners in the country.
This followed yesterday’s adoption of a motion by Yusuf Yusuf (Taraba) during plenary.
Moving the motion, Mr Yusuf said the Land Use Act vested ownership rights on the federal government over its land in states and the Federal Capital Territory (FCT).
He said the rights included the power to control and regulate town planning and physical development in relation to such lands and by extension prescribing and collection of any tax, fees or rates.
The lawmaker lamented that since 1992, over two million houses across the 36 states of the federation, including the FCT had been built and allocated to beneficiaries by the federal government.
He added that yet the majority have no evidence of payment of ground rent on their property.
The lawmaker said with the current revenue challenges facing the country, there is a need for the government to look into other means of generating income.
He said that investigation revealed that the failure of relevant authorities to recover these funds led the country to lose over N6 trillion.
Sam Egwu (Ebonyi) and Yahaya Abdullahi (Kebbi) supported the motion.
President of the Senate, Ahmad Lawan, thereafter listed the committee members to include Adamu Aliero (Kebbi), Sani Musa (Niger) and Sam Egwu (Ebonyi).
Others were Smart Adeyemi (Kogi), Opeyemi Bamidele (Ekiti), Betty Apiafi (Rivers) and Yusuf Yusuf.
The senate president gave the committee four weeks to report back to plenary. (Additional reports from NAN)
