IST Resolves ₦1tr in Cases as Ethiopia Models Nigeria
By Patience Ikpeme
The Investments and Securities Tribunal (IST) has successfully adjudicated disputes valued at over 1 trillion Naira since it began operations in 2007, marking a significant milestone in Nigeria’s financial adjudication history.
The Chairman of the IST, Honourable Aminu Junaidu, made this disclosure while receiving a delegation from the Ethiopian Capital Market Authority in Abuja. The visitors are currently in Nigeria to study the Tribunal’s operational framework with the intent of establishing a similar specialized judicial body in Ethiopia.
While addressing the delegates, Honourable Junaidu pointed out that the Nigerian experience proves that a specialized legal body acts as a foundational pillar for market growth.
“Nigeria’s experience shows that a well-structured Tribunal can serve as a cornerstone for capital market development by ensuring that justice is accessible to investors and corporate entities,” Junaidu said.
He further noted that for emerging markets across Africa, the IST serves as an essential blueprint for balancing legal rigor with financial technicalities.
“The Tribunal offers a useful model, saying it demonstrates the value of specialized dispute resolution mechanisms which shows the importance of integrating legal and financial expertise and the need for efficient processes that inspire investor trust,” he added.
Modernization remains a focal point for the IST, as the Chairman noted that the body is now technologically driven, allowing for matters to be heard online. He also spoke extensively on the Tribunal’s Alternative Dispute Resolution (ADR) center, which focuses on resolving small claims through mediation. Under its current enabling powers, the IST is mandated to deliver judgments on matters within 90 days of the commencement of a hearing.
Offering procedural advice to the Ethiopian team, Honourable Felix Onwuneme, a member of the Tribunal, suggested the adoption of “front-loading” to ensure judicial efficiency.
“Front-loading is when a litigant puts his argument in writing and comes to the Tribunal to adopt it before the hearing,” Onwuneme explained. “This becomes his argument before the court which saves a lot of time.”
The leader of the Ethiopian delegation and Deputy Director General of the Ethiopian Capital Market Authority, Renege Rahel Kassa, explained that Nigeria was the top choice for their study tour due to its deep-rooted history in market regulation and its reputation for speed in the courtroom.
“We chose to come to Nigeria because Nigeria has extensive experience in capital market development and also because the Tribunal has experience in disposing of cases in a timely manner while contributing to the peace and justice in the system and at the same time upholding the standards of the market,” Kassa said.
The visit concluded with an interactive session where the Ethiopian delegates sought clarity on the specific composition of the Tribunal and its unique Rules of Procedure.
