FG tasks stakeholders on collaboration to strengthen capital market

The Federal Government has called on experts from legal profession, financial and other stakeholders to work collectively to strengthen capital market regulations and the Investments and Securities Tribunal for greater effectiveness.

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, made the call on Wednesday in Kano while declaring open, a one-day sensitisation seminar for stakeholders.

The seminar, which was organised by Investment and Securities Tribunal (IST), in collaboration with Faculty of Law, Bayero University Kano, has as its theme “Legal Profession and Capital Market Regulation in Nigeria”.

He described the workshop as appropriate, as the need to boost investors’ confidence in the capital market had become imperative, if the government’s desire to mobilise investible funds away from oil revenue must be realised.

According to him, a well functional capital market is essential for a country’s economic development and growth.

“We are all aware of the importance of the Capital market in any given economy in mobilising needed funds for governments for infrastructure and development projects.

“The Investments and Securities Tribunal, which came into being as a child of necessity, has today grown to become a very critical infrastructure within the Nigerian Capital Market eco-system,” he said.

On his part, the Chairman Investments and Securities Tribunal, Amos Isaac-Azi, said capital market enabled a healthy economy through an efficient allocation of resources.

“Capital Market transactions are confidence driven and this confidence is somewhat, rooted in an entrenched adjudicatory framework,” he said.

Isaac- Azi said the workshop was aimed at exploring the roles the legal profession played in shaping the market which participants can leverage upon to succeed.

He noted that the Tribunal was a dedicated fast-track civil court, established, pursuant to section 274 of the Investments and Securities Act 2007, for the resolution of disputes in the Nigerian Capital Market.

“The importance of an efficient tribunal in dispute resolution is that it builds trust in the market, thereby attracting investors,” he said.

The Vice Chancellor BUK, Prof Sagir Adamu-Abbas, said the University has introduced a new course “Capital Market and Security” for level 500 law students to enable them understand the operational roles of the Investment and Security tribunal.

Also, Mr Kasimu Garba-Kurfi, Board Member Securities and Exchange Commission (SEC), presented a paper “Understanding Investment in the Capital Market”

It was reported that the workshop was attended by Hon. Chief Judges and Judges of Kano and Jigawa States, Magistrates, Members of the Academia, Members of the Chambers of Commerce, Capital Market Stakeholders and Captains of Industries in the two states.