Shettima urges judicial backing as SEC drives market reform under ISA 2025
BY TEMITOPE ADEBAYO
Nigeria’s Vice President, Senator Kashim Shettima, has called on the judiciary to provide robust support in strengthening the capital market by ensuring verdicts on market-related cases are timely, well-reasoned, and technically grounded to boost investor confidence and deepen economic transformation.
Speaking through his Special Adviser on Economic Affairs, Dr Tope Fasua, at the opening of a two-day Judges’ Workshop organised by the Securities and Exchange Commission (SEC) in Abuja, Shettima stressed that judicial clarity and efficiency are crucial for attracting long-term capital and stimulating national growth under the newly enacted Investment and Securities Act (ISA) 2025.
With the theme, “Repositioning the Nigerian Capital Market for National Economic Transformation through Effective Dispute Resolution”, the workshop underscored the vital role of the judiciary in driving reforms that ensure market transparency, fairness, and investor protection.
Shettima described the capital market as the “lifeblood of any modern economy” and warned that delays or inconsistency in judicial decisions could deter both domestic and foreign investments. “Investors will only commit capital where they are assured of transparency, security, and the protection of their rights. A strong, impartial judicial system is fundamental to sustaining that confidence,” he said.
He noted that beyond securities trading, the capital market functions as a key mobiliser of long-term funds that empower businesses, support SMEs, and finance infrastructure.
He highlighted its role in economic diversification, job creation, financial inclusion, and fostering entrepreneurship in Nigeria’s youthful population.
Shettima stressed that a responsive judiciary is essential for resolving disputes stemming from insider trading, corporate governance breaches, and securities infractions. “Swift and expert resolution is not a luxury—it is a necessity for market stability and credibility,” he added.
Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, represented by Hon. Justice Stephen Adah of the Supreme Court, echoed this sentiment, saying the judiciary must act as “custodians of economic integrity and commercial justice.” She emphasised that the capital market has become a platform for broad-based economic empowerment, not just institutional finance, and must be protected from fraud and manipulation.
SEC Director General, Dr Emomotimi Agama, highlighted that the ISA 2025 represents a landmark in Nigeria’s legal and financial landscape, positioning the country to attract capital through stronger investor protections and enhanced regulatory clarity.
“This progressive law ushers in a new era of transparency, resilience, and efficiency in our market,” he said.
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Agama noted that the workshop was part of SEC’s strategic drive to engage judicial officers on the technical intricacies of the capital market and the implications of the new Act, which introduces provisions on virtual asset regulation, crowdfunding, and stricter enforcement mechanisms.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Olanipekun Olukoyede, disclosed that the Commission had charged 58 illegal operators of pyramid schemes, securing two convictions so far.
He urged the judiciary to remain abreast of digital asset fraud and emerging financial crimes, citing ongoing prosecutions involving Binance and CBEX as examples of evolving market challenges.
He stated, “Understanding the dynamics of virtual asset trading and investment fraud is now essential. The courts must be prepared for the sophistication of these emerging schemes if investor protection is to be effectively upheld.”
With ISA 2025 now in force, stakeholders believe effective judicial partnership is pivotal in delivering the market reforms needed to restore public trust, attract capital, and unlock Nigeria’s economic potential.
