IST Chairman Assures Ethiopia of Support to Strengthen Capital Market
The Chairman of the Investments and Securities Tribunal (IST), Honourable Aminu Jinaidu, has assured Ethiopia 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.The IST Chairman made this known when the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile, paid him a courtesy visit recently in Abuja.
He stated that the Tribunal would do everything within its capacity to ensure that the Ethiopian Capital Market stands firmly on its feet.
On his part, the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile, revealed that his country has established a Capital Market system, including the Ethiopian Exchange and the Capital Market Administration, to serve the interests of investors. He explained that because every investor needs assurance from institutions that can receive and respond to their complaints in a timely manner.
He stated that they approached the Tribunal 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 Ambassador said his country hopes to sign a Memorandum of Understanding (MoU) with the Tribunal soon. He noted that with the African Continental Free Trade Area coming into effect, Africans need to work together in the spirit of Pan-Africanism.
His Excellency Legesse Geremens Haile also expressed Ethiopia’s desire to strengthen its political as well as economic relations with Nigeria.The Ambassador 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. He added that 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.
In his response, the Honourable Chairman of the Investments and Securities Tribunal, Hon. Aminu Jinaidu, welcomed the ambassador’s request and assured that members of the Tribunal, who sit as judges during proceedings, would be available to support Ethiopia whenever necessary.
Earlier, the only female honourable member of the Investments and Securities Tribunal, Hon. Umahanni Amin, also pledged her support to Ethiopia, offering to deploy her wealth of experience in Islamic financing, which is her area of specialization. Hon. Amin gave the assurance at the instance of the Tribunal’s Chairman, Hon. Aminu Jinaidu, 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 Investments and Securities Tribunal is a specialized 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.
