-
MoU signing coming soon – Ambassador Haile
IST Boss, Jinaidu and his Ethiopian guest, Ambassador Haile at the courtesy visit
BY COBHAM NSA – The Chairman of the Investments and Securities Tribunal (IST), Hon Aminu Jinaidu, has expressed the Tribunal’s willingness to support the development and stability of Ethiopia’s emerging capital market through capacity building and experience sharing in investment dispute resolution.
According to Jinaidu, IST would offer every necessary support within its capacity to ensure the Ethiopian Capital Market not only stands on its feet firmly but ultimately grows into resilient and vibrant investment ecosystem
The IST Chairman gave the assurance when the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile, visited him in Abuja recently, noting that capacity development and strategic partnerships would be robustly pursued as part of the proposed support base.
Jinaidu, while acknowledging the Ambassador’s request, said the IST’s members, who sit as judges during proceedings, would be available to support Ethiopia whenever necessary, especially in the implementation of market interventions that deliver real impact on the East African nation’s economy.
Also, at the instance of its Chairman, the IST’s only female member, Hon. Umahanni Amin, offered to deploy her wealth of experience in Islamic financing, which is her area of specialization to bolster Ethiopian Securities Market
Earlier in his remarks, the Ethiopian Ambassador, Legesse Geremens Haile, said his country has established a Capital Market system, including the Ethiopian Exchange and the Capital Market Administration, to serve the interests of investors and also strengthen Ethiopia’s financial infrastructure for economic growth
He said given that every investor needs assurance from institutions that can receive and respond to their complaints in a timely manner, Ethiopia decided to approach IST to understudy the legal mechanism through which complaints arising from investments in the Nigerian Capital Market are being addressed.
Further praising IST for its excellent work in the Nigerian Capital Market so far, the Ethiopian Envoy said his country hopes to sign a Memorandum of Understanding (MoU) with the Tribunal soon, noting that with the African Continental Free Trade Area (ACFTA) coming into effect, Africans need to work together in the spirit of Pan-Africanism.
Geremens Haile, who expressed Ethiopia’s desire to strengthen its political as well as economic relations with Nigeria, said the knowledge gained from the visit would be useful as they work on developing and strengthening their Capital Market institutions.
Additionally, he said collaboration and learning from established systems such as Nigeria’s could play an important role in building strong and credible investment frameworks in the Horn of Africa nation.
Highlight of the visit was Ambassador Haile’s attendance at a live court session, where he observed firsthand how the Tribunal conducts its proceedings and manages investment-related disputes.
As a specialized body that provides fast-track resolutions in Nigerian capital market disputes within 90 days, the IST fosters market transparency and investor confidence.
