Ethiopia Partners Nigeria’s Investment Tribunal to Strengthen its Capital Market
Ndubuisi Francis in Abuja
Officials of the Ethiopian government have approached Nigeria’s Investments and Securities Tribunal (IST) on how to understudy the legal mechanism through which complaints arising from investments in the Nigerian capital market are resolved.
The Ethiopian Ambassador to Nigeria, Legesse Geremens Haile, disclosed this during a courtesy visit to the IST Chairman, Hon. Aminu Jinaidu, in Abuja.
Haile revealed that his country now has a capital market system, including the Ethiopian Exchange and the Capital Market Administration, to serve the interests of investors.
He, however, noted that every investor needs assurance from institutions that can receive and respond to their complaints in a timely manner, adding that they approached the IST to understudy the legal mechanism through which complaints arising from investments in the Nigerian capital market are addressed.
While praising the Tribunal for the excellent work it has done so far in the Nigerian capital market, the Ethiopian envoy said his country hoped to sign a Memorandum of Understanding (MoU) with the Tribunal soon.
With the African Continental Free Trade Area (AFCFTA) coming into effect, he argued that Africans needed to work together in the spirit of Pan-Africanism.
The diplomat also expressed Ethiopia’s desire to strengthen its political as well as economic relations with Nigeria.
He further expressed optimism that the knowledge gained from the visit would be useful as Ethiopia continues to develop and strengthen its own capital market institutions.
According to him, collaboration and learning from established systems such as Nigeria’s could play an important role in building strong and credible investment frameworks in his country.
Responding, the IST Chairman, Hon. Aminu Jinaidu, assured the Ethiopian envoy of the Tribunal’s readiness to support the development and stability of the country’s emerging capital market through the sharing of its experience in investment dispute resolution.
He stated that the Tribunal would do everything within its capacity to ensure that the Ethiopian capital market stands firmly on its feet.
He welcomed the ambassador’s request and assured him that members of the Tribunal, who sit as judges during proceedings, would be available to support Ethiopia whenever necessary.
Earlier, the only female member of the IST, Hon. Umahanni Amin, also pledged her support to Ethiopia, offering to deploy her wealth of experience in Islamic financing, which is her area of specialisation.
Amin gave the assurance at the instance of IST Chairman, during the engagement.
A highlight of the Ethiopian envoy’s visit was his attendance at a live court session, where he observed firsthand how the Tribunal conducts its proceedings and manages investment-related disputes.
The IST is a specialised adjudicatory body established to resolve disputes arising from activities in Nigeria’s capital market within a 90-day period, thereby helping to ensure transparency and investor confidence in the system.
