* Registered investors hit 2.2 million
Ndubuisi Francis in Abuja
As part of efforts to improve operations and commence the digitalisation of its processes, the Investments and Securities Tribunal (IST) is set to adopt new rules of engagement after its next board meeting scheduled for Port Harcourt, Rivers State.
Chairman of the Tribunal, Hon. Aminu Junaidu, disclosed this when the President of the Chartered Institute of Stockbrokers (CIS), Dr. Fiona Ahmed Ahimie, led members of the institute on a courtesy visit to the IST in Abuja.
According to him, the move to digitalise the tribunal’s processes was aimed at improving efficiency, making access to justice easier and further protecting the integrity of the Nigerian capital markets.
He also assured investors and other market stakeholders that the tribunal remains committed to ensuring that cases are handled without unnecessary delays, adding that the tribunal was even prepared to sit on weekends and public holidays, where necessary, to protect investors and ensure timely resolution of cases.
Jinaidu said the tribunal was also open to stronger collaboration with the CIS, particularly in the area of capacity building, noting that capacity development was part of the tribunal’s key performance indicators.
He said such collaboration would help strengthen the skills and knowledge of professionals working within the capital market and contribute to the development of the sector.
On her part, the CIS President, Dr. Ahimie, said the visit was aimed at strengthening the relationship between the two institutions, which she described as important institutions in the Nigerian capital market ecosystem.
She said the collective objective of the CIS and IST should be to build a capital market that is transparent, investor-friendly and capable of attracting more investors.
Ahimie said the Nigerian capital market is growing adding that confidence is also returning to the market, but expressed concern over the activities of bad actors who could undermine the progress made in the market.
She called for stronger collaboration among the Securities and Exchange Commission (SEC), CIS and IST to identify, expose and bring such actors to justice in order to reduce their impact on the market.
According to her, there are currently about 2.2 million registered investors in the Nigerian capital market, with efforts to attract an additional 10 million investors.
She said the growth in the number of investors makes it important to maintain a sound and credible market where investors can have confidence.
The CIS President said the institute is interested in working with the IST on investor education to help investors understand the market and avoid falling victim to fraudulent operators.
She also said the CIS was ready to collaborate with the tribunal on training and capacity building, including opportunities to extend its training programmes to other growing African capital markets.
Commenting on one of the major challenges the tribunal is facing, a member of the tribunal, Hon. Felix Onwuneme, said the Administrative Proceedings Committee (APC) of the SEC was required to consider certain matters before they can get to the tribunal, adding that the inactivity of the committee had resulted in complaints.
Onwuneme noted that there were indications that the APC has not sat in the last four or five years, leaving some market participants uncertain about what to do when faced with regulatory challenges.
Although the member noted with satisfaction that the Investments and Securities Act (ISA) 2025 provides that where SEC does not take action on a matter within 60 days, the matter can proceed to the tribunal.
He expressed worry that there is still a need for the APC to function effectively because SEC, as the apex regulator, has the investigative machinery to properly examine complaints before they are brought before the tribunal.
He insisted that the issue was affecting the number of cases coming to the tribunal and could also have an impact on investor confidence.
Also speaking at the event, the 11th President of the CIS and a part-time member of the IST, Tunde Omolegbe, urged the tribunal to take part in important discussions and activities at future gatherings of stockbrokers.
Omolegbe said such engagements would provide opportunities for both institutions to better understand each other’s roles and strengthen their relationship.
He said closer interactions between the CIS and IST would also provide an opportunity to discuss challenges affecting the capital market and identify areas where both institutions could work together.