In an effort to promote local industrialization and draw in both foreign direct investments and domestic capital, Vice President Senator Kashim Shettima has recognized the capital market as a vital instrument for diversifying the country’s economy away from an excessive dependence on a single commodity.
He maintained that a healthy capital market has the power to increase financial inclusion, release latent wealth, and raise residents’ standards of living.
In Abuja, the Vice President gave a speech on Monday to kick off a two-day interactive workshop on capital market law, ethics, and judicial interpretations for superior court judges. The workshop was organized by the National Judicial Institute (NJI) and the Securities and Exchange Commission (SEC).
Judges, lawmakers, regulators, and legal and capital market specialists are among the attendees of the workshop, where they are discussing how to update dispute resolution in Nigeria’s capital market and make sure the system keeps up with the rapidly changing financial practices of the world.
Speaking on behalf of Tope Fasua, the Special Adviser to the President on Economic Matters, the vice president explained that the capital market is the engine that propels progress and prosperity by directing national savings into profitable endeavors.
He asserts that the workshop’s theme, “Repositioning the Nigerian Capital Market for National Economic Transformation through Effective Dispute Resolution,” was “a clarion call, a strategic imperative that resonates deeply with the economic agenda of this administration,” rather than just a subject for discussion.
Shettima emphasised that this demonstrated the indisputable fact that a strong, effective, and reliable capital market serves as the foundation for long-term, sustainable national economic change.
According to the Vice President, the capital market is the heartbeat of contemporary economies, a complex ecosystem that mobilizes long-term capital for profitable investments, and it is much more than just a place to purchase and sell securities.
By bringing savers and investors together, it gives companies the liquidity they need to grow, innovate, and create jobs. Small and medium-sized businesses (SMEs) can grow there, infrastructure projects can get funding, and entrepreneurs’ aspirations can come true. The capital market is of much more importance in Nigeria, a country full of promise and with a young, vibrant populace. It is a vital instrument for encouraging domestic industrialization, drawing in both foreign direct investments and domestic capital, and diversifying our economy away from an excessive dependence on a single commodity.
“A healthy capital market has the power to increase financial inclusion, release latent wealth, and raise our residents’ standard of living in the long run. It is what drives the wheels of growth and prosperity by directing national savings into profitable endeavors,” he said.
He argued that, given the scope of the country’s goals, which include a diversified industrial base, a flourishing digital economy, a revitalized agricultural sector, and massive infrastructure development, none of these can be accomplished without significant, long-term capital, which can only be found in the capital market.
Although the banking industry is important and mostly delivers short-term financing, he clarified that the capital market, with its ability to supply stock and long-term debt instruments, is what provides the patient capital needed for the transformative undertakings.
He emphasized that it is the framework for public-private partnerships, future income securitization, and enabling regular Nigerians to participate in our country’s growth narrative.
Nonetheless, he pointed out that trust is a basic and unavoidable component of any capital market’s efficacy. He added that investors, whether domestic or foreign, institutional or retail, will only part with their hard-earned money when they are certain that their investments are safe, that transactions are open, and that their rights are upheld.
He emphasized that this trust is based on robust regulatory frameworks, successful market operations, and—above all—a fair and efficient dispute resolution process.
“We recognize the obstacles that have occasionally prevented our capital market from reaching its full potential. These encompass concerns about investor education, market liquidity, and, in fact, how effective and equitable our dispute resolution procedures are seen to be.
Capital is extremely mobile in today’s globalized financial market and looks for settings that provide not just profits but also legal predictability and certainty. Potential investors may be scared off by any apparent flaw in our dispute resolution process and move their money to more alluring jurisdictions, he said.
Justice Kudirat Kekere-Ekun, the Chief Justice of Nigeria (CJN), who was represented by Justice Stephen Jonah Adah of the Supreme Court, said in her keynote address that the capital market is now a vital tool for economic empowerment and participation rather than a remote concept reserved for institutional or high finance investors.
The CJN emphasized that the capital market impacts opportunities, livelihoods, and national competitiveness for everyone from small-scale investors and diaspora bond subscribers to pension contributors and fintech entrepreneurs.
She therefore argued that it was a democratic weapon for wealth development and national stability rather than just an economic one.
But it is susceptible, just like any other critical system. Although the capital market is a storehouse of trust, it can also be a source of deception. Although it provides a platform for innovation, fraud and regulatory arbitrage are also possible. The judiciary has a significant role to play in this regard. As active stewards of business fairness and economic integrity rather than as passive arbiters.
“We have to recognize the rise of new financial frontiers, including transnational securities, digital assets, cryptocurrency transactions, and green financing instruments.” These advancements frequently surpass the capabilities of conventional adjudication. Applying current concepts without modification is insufficient, and we must resist the temptation to believe that innovation invalidates precedent. Rather, we need to address these concerns in a way that maintains legal coherence while still being adaptable to changing business realities. It is a positive step that the Investments and Securities Act, 2025, was recently passed. Improved investor protection procedures and regulatory clarity are provided by its provisions. However, without a thoughtful and intentional interpretation, even the most advanced laws are useless. Hence, it is our responsibility to provide these statutory instruments vitality and significance that is consistent with the goals of the legislature, business reasoning, and ethical considerations.
This workshop is more than just a training session. It serves as a forum for introspection and rejuvenation as well as a testing ground for increasing our comprehension of the demands that contemporary financial adjudication places on the Bench. Our rulings in capital market disputes have a consequence outside of the courts; they affect investor behavior, public confidence, and financial institution stability, according to Kekere-Ekun.
“When justice is swift, sound, and credible, capital is attracted, innovation flourishes, and prosperity becomes inclusive,” he added, urging the judges to remember the potent messages their rulings send.
On the other hand, she stated that “confidence is undermined and economic activity is suppressed when decisions are unclear, uninformed, or delayed.”
Therefore, she emphasized, the court must regard itself as a co-architect of the national economic system as well as an interpreter of the law. She emphasized that the workshop was held during a period of significant national importance, one that was marked by both rapid changes in regulatory architecture and economic complexity.
The court cannot stay silent in such a situation, she said, adding that “our jurisprudence must respond with both integrity and intelligence.”
This forum is not only necessary, but also timely. It is a confirmation of our shared determination to improve our interpretive skills and bolster judicial authority in the constantly growing fields of capital markets and economic justice,” she stated.
During his introductory remarks, SEC Director General Dr. Emomotimi Agama praised President Bola Tinubu and the National Assembly for the Investments and Securities Act (ISA), 2025’s successful passage and enactment. He added that the historic law represented a major turning point in Nigeria’s financial and economic sector, bolstering investor confidence, fortifying regulatory frameworks, and improving the country’s standing in international markets.
“The workshop was part of the SEC’s firm commitment to a deeper engagement with all stakeholders, ensuring that the provisions of the ISA 2025 are widely disseminated, discussed, and fully understood in order to achieve the goals of restoring investors’ confidence, bringing timely assistance to aggrieved investors, and creating a broad-based participation of Nigerians in wealth creation,” Agama said.
During his speech, Mr. Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), remembered the ongoing investment and commercial crime cases that the anti-graft agency is handling, including those involving Binance and CBEX.
We now have a strong need to comprehend the complexities of some of these new issues pertaining to virtual assets. Two months ago, a report was published by an international development agency that the World Trade Organization (WTO) had hired to conduct a survey on virtual assets and investment. The agency found that, in 2023 alone, virtual assets and investment funds accounted for approximately 9.8% of global GDP.
They have not yet produced the 2024 report. By 2025 and 2026, it is predicted to increase to 14.5%,” he stated.
“It’s important to understand that by the time some of these emerging issues start coming before you (of course, we have started filing processes), you will start hearing some funny terminologies your Lordships have not heard before,” he reminded the justices.
Among the terms he mentioned were Bitcoin, Blockchain, Decentralized Finance (DeFi), Digital Wallet, Stable Coin, Distributed Ledger, and Mining.
He informed the judges that when they hear the term mining, they don’t think of gold or uranium, but rather money service.
He mentioned that these were problems that would arise when cryptocurrencies or virtual assets become legalized with the passage of ISA 2025.
He stated that it was critical that Nigeria rise to the occasion, citing the EFCC’s decision a few months prior to publish the identities of roughly 58 unregistered companies operating pyramid schemes in Nigeria.
He went on to say that the SEC had confirmed they lacked a license, while the Central Bank of Nigeria (CBN) had rejected their legal existence.
The EFCC has already brought charges against the 58 of them, Olukoyede added, emphasizing that 12 of them had already been found guilty while the other cases were still pending.
Therefore, it presents a significant difficulty for us. “To make sure that this threat is addressed, we would like to ask the judiciary for assistance,” he said.
In his earlier remarks, Senate Committee on Capital Markets Chairman Osita Izunaso revealed that he is already sponsoring a measure to change the Investments and Securities Tribunal (IST) from a tribunal to a regular court.
When the law is enacted, the IST will no longer operate as a tribunal and will instead take on the typical functions of regular courts, including the appointment of judges and holding of sessions.
He called on SEC to launch an aggressive nationwide awareness campaign about the IST Act 2025.
