The Investments and Securities Tribunal (IST), has assured Ethiopia of its readiness to support the development and stability of the country’s emerging capital market through experience sharing in investment dispute resolution.
Chairman of the IST, Aminu Jinaidu gave the assurance when the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile, paid him a visit in Abuja.
Jinaidu 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, which includes the Ethiopian Exchange and the Capital Market Administration, to serve the interests of investors. He explained that these were done considering the fact that every investor needs assurance from institutions that can receive and respond to their complaints in a timely manner.
Haile stated that ‘they’ approached the Tribunal to understudy the legal mechanism through which complaints arising from investments in the Nigerian Capital Market are addressed.
The Ethiopian Ambassador acknowledged the excellent work the Tribunal has done so far in the Nigerian Capital Market, adding that 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 deepen its political and economic relations with Nigeria and 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, Chairman of the Investments and Securities Tribunal, 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 member of the Investments and Securities Tribunal, Umahanni Amin pledged her support to Ethiopia, offering to deploy her wealth of experience in Islamic financing, which is her area of specialisation.
The Ethiopian envoy during the visit attendance 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 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.
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