Officials of the Ethiopian government have approached Nigeria’s Investments and Securities Tribunal (IST) to understudy the legal mechanism through which complaints arising from investments in the Nigerian capital market were resolved. Ethiopian Ambassador to Nigeria, Legesse Geremens Haile, disclosed this during a courtesy visit to IST Chairman, Hon. Aminu Jinaidu, in Abuja.
Haile revealed that his country now had a capital market system, including the Ethiopian Exchange and the Capital Market Administration, to serve the interests of investors.
He stated that every investor needed assurance from institutions that could receive and respond to their complaints in a timely manner.
The ambassador added that they approached IST to understudy the legal mechanism through which complaints from investments in the Nigerian capital market were addressed.
While praising the tribunal for the excellent work it had 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 African Continental Free Trade Area (AfCFTA) coming into effect, Haile said Africans needed to work together in the spirit of Pan-Africanism.
He expressed Ethiopia’s desire to strengthen its political and economic relations with Nigeria.
Haile expressed optimism that knowledge gained from the visit would be useful as Ethiopia continued to develop and strengthen its own capital market institutions.
According to him, collaboration and learning from established systems, such as Nigeria’s, can play an important role in building strong and credible investment frameworks in Ethiopia.
Responding, the IST chairman assured Ethiopia of the tribunal’s readiness to support the development and stability of that country’s emerging capital market through the sharing of Nigeria’s experience in investment dispute resolution.
He stated that the tribunal would do everything within its capacity to ensure that the Ethiopian capital market stood firmly on its feet.
Jinaidu welcomed the ambassador’s request and assured that members of the tribunal, who sat as judges during proceedings, would be available to support Ethiopia whenever necessary.
Earlier, the only female member of the Investments and Securities Tribunal, Hon. Umahanni Amin, pledged her support to Ethiopia, offering to deploy her wealth of experience in Islamic financing, her area of specialisation.
Amin gave the assurance at the instance of the IST chairman, during the engagement.
A highlight of the Ethiopian envoy’s visit was his attendance at a live court session, where he observed first-hand how the tribunal conducted its proceedings and managed investment-related disputes.
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.
Ndubuisi Francis
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