The Chairman of the Investments and Securities Tribunal (IST), Hon. Aminu Jinaidu, has pledged Nigeria’s support to Ethiopia as the East African nation works to stabilize and grow its emerging capital market.
The commitment was made during a courtesy visit by the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile, to the Tribunal’s headquarters in Abuja. The partnership aims to leverage Nigeria’s experience in investment dispute resolution to bolster Ethiopia’s financial infrastructure.
Collaborative Framework for Market Stability
Hon. Jinaidu assured the Ambassador that the IST is prepared to share its specialized expertise to ensure the Ethiopian capital market “stands firmly on its feet.”
The IST is a specialized adjudicatory body in Nigeria designed to resolve capital market disputes within a strict 90-day timeframe, a mechanism intended to maintain transparency and investor confidence.
Ambassador Haile noted that Ethiopia has already established key institutions, including the Ethiopian Exchange and the Capital Market Administration. However, he emphasized that providing investors with a reliable legal mechanism for complaints is a top priority.
”Every investor needs assurance from institutions that can receive and respond to their complaints in a timely manner,” the Ambassador stated.
Key Highlights of the Engagement
The visit focused on several strategic areas of cooperation:
- Legal Understudying: Ethiopia intends to study Nigeria’s legal framework for addressing investment grievances.
- Memorandum of Understanding (MoU): The Ambassador expressed hope for a formal MoU between the two nations to solidify the partnership.
- Pan-Africanism: The move was framed within the context of the African Continental Free Trade Area (AfCFTA), encouraging intra-African cooperation.
- Specialized Expertise: IST member Hon. Umahanni Amin offered her expertise in Islamic financing to assist in diversifying Ethiopia’s market offerings.
Firsthand Observation
As part of the diplomatic visit, Ambassador Haile attended a live court session at the Tribunal. This allowed the envoy to observe firsthand how the IST manages proceedings and adjudicates complex investment disputes.
The collaboration is expected to strengthen both political and economic ties between Nigeria and Ethiopia, providing a blueprint for how established African markets can mentor emerging ones to create a more integrated continental economy.