 While the House of Representatives has begun a public hearing on a new capital markets bill that aims at eradicating the efficiency as well as protecting investors' investment, the new bill also proposes a 10-year jail time for Ponzi scheme operators. Immanuel Ehidjene completes the report. The speaker was represented by the deputy leader of the House Honourable Peter Apatacin while declaring open the two bills seeking to enhance the operation and performance of the capital market in Nigeria for economic development. He said that the legislature cannot allow the existence of deficiencies in the capital market which will cause investors to worry about the safety of their investment. He said that in this new global economy, investors have the option to quickly move money across industries, nations and continent and that the capital market serves as a source where investors source money for their businesses. The capital markets also allow small and large-scale investors to contribute to growth of enterprises and by so doing increase the values of their assets and create wealth. Therefore, it is abundantly evident that the proper and efficient operation of the capital market is essential to sustainable national economic growth. In his welcome address, Honourable Babangida Ibrahim was the chairman of the committee, said the House of Representatives is determined to ensure that the securities and exchange commission is ready to deliver on its court mandate of markets integrity, avoid systematic risk and guarantee inspections among others. Percussion source as is give us a patriotic Nigerian scheme, the development of our great nation's opportunity to brainstorm, work together and provide solutions and challenges within the capital market. When the national assembly seems to clash with ministries, department and agencies of government, it is not to be hard-handed or to shunt anyone, but it is for the same goal that we are all here today to ensure better and more thriving capital markets. Stakeholders in their presentations threw their weights behind the bills as they expressed delight over the provision in the bill prohibiting ponds pyramid schemes, particularly for proposing a 10-year jail term for its operators and promoters. The bill expands the definition of a collective investment scheme to include schemes offered privately to qualified investors. Minor reviews on various sections of the extent law have been carried to provide greater clarity. This board composition is designed to expand the board to encourage collaboration. The bill proposes the expansion of the membership of the board which will ensure greater participation of professionals in the market. This will encourage greater collaboration within the capital market and result in the development of the economy. The committee assured that all recommendations on ways to improve the Nigerian stock market will be presented to the House for further legislative action.