- As CJN, EFCC boss demand trust, transparency in operations
BY COBHAM NSA – Vice President Kashim Shettima has challenged the Nigerian judiciary to courageously engage in boosting investor confidence and accelerating economic reforms through timely resolution of capital market disputes.
He said decisive engagements needed to grow the capital market include prompt delivery of judicial verdicts that are well-reasoned, timely, technically sound, purposeful and result-oriented
Speaking at a two-day Judges’ Workshop organized by the Securities and Exchange Commission (SEC) in Abuja, the Vice President said such timely and well-considered verdicts will send strong positive signals to the market, while enhancing confidence and attracting capital.
Vice President Shettima was represented by the Special Adviser to the President on Economic Affairs, Office of the Vice President, Dr. Tope Fasua, at the workshop tagged: “Repositioning the Nigerian Capital Market for National Economic Transformation through Effective Dispute Resolution”.
He described the capital market as the life-blood of any modern economy; cautioning that delays, inconsistencies, or a lack of specialized understanding by the judiciary can inadvertently create systemic risks and deter investment into the capital market.
According to Vice President Shettima: “A strategic imperative that resonates deeply with the economic agenda of this administration. It underscores the undeniable truth that a robust, efficient, and trustworthy capital market is the bedrock upon which sustainable national economic transformation can be built.
“Capital market is far more than just a platform for buying and selling securities. It is the lifeblood of modern economies, a sophisticated ecosystem that mobilizes long-term capital for productive investments. It connects savers with investors, providing the necessary liquidity for businesses to expand, innovate, and create jobs. It is where infrastructure projects find funding, where small and medium enterprises (SMEs) can scale, and where the dreams of entrepreneurs can take flight”.
“In Nigeria, a nation brimming with potential and a youthful, dynamic population, the capital market holds an even greater significance. It is a critical tool for diversifying our economy away from over-reliance on a single commodity, fostering indigenous industrialization, and attracting both domestic and foreign direct investments.”
Further stressing the need for a thriving capital market to drive economic growth, Shettima said; “A well-functioning capital market can unlock latent wealth, deepen financial inclusion, and ultimately improve the living standards of our citizens. It is the conduit through which national savings are channeled into productive ventures, driving the wheels of progress and prosperity”.
He also noted that trust remains critical to attracting investments into the market, saying, “investors, whether local or international, institutional or retail, will only commit their hard-earned capital where they are confident that their investments are secure, that transactions are transparent, and that their rights are protected.
“This confidence is built on a foundation of strong regulatory frameworks, efficient market operations, and, crucially, an effective and impartial system of dispute resolution”.
The Vice President said though market disputes arising from contractual breaches, market manipulation, insider trading, corporate governance infractions, or disagreements over interpretation of securities laws, were inevitable, it is important to resolve them swiftly, expertly and fairly in the overall interest of growth and development in the sector.
Also speaking at the event, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun said the capital market was no longer a distant abstraction limited to high finance or institutional investors.
For her, despite the capital market becoming a critical lever of economic participation and empowerment, like all vital systems, it is also vulnerable
The CJN, who was represented by Justice of the Supreme Court, Hon. Justice Stephen Adah, said, “The capital market is a repository of trust, but also a potential site of distortion. It is a platform for innovation, but also susceptible to fraud and regulatory arbitrage.
“In this regard, the Judiciary has a profound role to play. Not as passive arbiters, but as active custodians of economic integrity and commercial justice”.
In his remarks, the Director General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama said with the Investment and Securities Act (ISA) 2025 now in place, the workshop represents the Commission’s determination to robustly engage the judiciary in all aspects of capital market operations
She stated thus: “This landmark legislation marks a significant milestone in Nigeria’s economic and financial sector, reinforcing investor confidence, strengthening regulatory frameworks and enhancing the nation’s position in global markets.
“The ISA 2025 is a legislative success, a legal milestone and a reform that ushers in a new era for our capital market. By enacting this progressive law, Nigeria has taken a bold step toward fostering a more transparent, efficient, resilient and secure investment climate.
“The diligent efforts of the Executive and Legislative arms in ensuring the seamless passage of this Act reflect a shared commitment to economic growth, financial stability and sustainable development”.
On his part, the Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede revealed that about 58 unlicensed businesses operating pyramid schemes in Nigeria have been charged to court with two convictions already secured by the Anti-graft agency.
He said continuously updating the knowledge and understanding of the judiciary were crucial given the constant changes witness in the capital market space, including the trading of digital assets.
The anti-corruption Czar said, “You are aware of the ongoing cases we have in courts against Binance, CBEX and other related cases with respect to financial and investment frauds.
“It has come to a point in Nigeria where it has become very important for us to understand the intricacies involved in some of these emerging issues in virtual assets”.
The workshop brought together key stakeholders in the sector, including the Chief Justice of Nigeria, the President of the Court of Appeal, Chief Judges, Attorney-General, SEC top management officials, market operators, and legal experts among others.
Focused on strengthening the judiciary’s capacity to adjudicate on market-related cases and resolve financial disputes, discussions at the conference also addressed issues around responding to the demands of a dynamic and fast-evolving financial ecosystem.
