The historical development; 1946 (development loan stock first issue) 1960; Lagos stock exchange act- 1962, capital issue committee, 1979- capital issue commission. - SS3 Commerce Lesson Note

In 1946, an important development took place in the financial world with the introduction of development loan stock. Development loan stock refers to a type of debt instrument issued by governments or development institutions to raise funds for infrastructure projects, social programs, or economic development initiatives. This marked a significant step in mobilizing capital for development purposes.

Moving ahead to 1960, the Lagos Stock Exchange Act was enacted in Nigeria. The Lagos Stock Exchange, now known as the Nigerian Stock Exchange (NSE), was established to provide a regulated marketplace for buying and selling securities in the country. This act aimed to create a formal platform for companies and investors to participate in the stock market and facilitate capital formation.

In 1962, the Capital Issue Committee was formed in Nigeria. The committee was responsible for regulating the issuance of securities by companies and ensuring compliance with relevant laws and regulations. It played a role in overseeing the public offering of shares and the issuance of debentures, ensuring that investors were adequately protected and informed.

Later, in 1979, the Capital Issue Commission was established in Nigeria. This regulatory body took over the responsibilities of the Capital Issue Committee. The Capital Issue Commission was tasked with approving and supervising the issuance of securities, ensuring fair practices, and protecting the interests of investors.

These historical developments reflect the progress made in establishing a structured and regulated financial system in Nigeria. The introduction of development loan stock provided a mechanism for raising funds for development projects. The enactment of the Lagos Stock Exchange Act and the subsequent establishment of the Capital Issue Committee and the Capital Issue Commission aimed to create a transparent and regulated environment for capital market activities, protecting the interests of investors and promoting fair practices.