IST Pledges Support for Ethiopia’s Emerging Capital Market
By Patience Ikpeme
The Nigerian government has pledged to assist Ethiopia in building a solid foundation for its new capital market by sharing critical expertise in how to settle investment or money disputes legally and quickly.
The Chairman of the Investments and Securities Tribunal (IST), Honorable Aminu Jinaidu, gave this promise in Abuja during a recent visit by the Ethiopian Ambassador to Nigeria, His Excellency Legesse Geremens Haile. While receiving the Ambassador, the IST Chairman made it clear that Nigeria is ready to offer its full support to ensure the Ethiopian market succeeds.
“The Tribunal would do everything within its capacity to ensure that the Ethiopian Capital Market stands firmly on its feet,” Honorable Jinaidu said. He further noted that the expert members of the Tribunal, who act as judges during court sessions, are prepared to provide their professional guidance to Ethiopia whenever the need arises.
During the meeting, the only female member of the Tribunal, Honorable Umahanni Amin, also offered her personal support. She stated that she is ready to share her deep knowledge of Islamic finance—a growing area of investment—to help Ethiopia develop its own systems.
The Ethiopian Ambassador, Legesse Geremens Haile, explained that his country has already started its own Capital Market system, including an exchange and an administration office to protect people who invest their money. He pointed out that for any market to grow, investors must be sure that there are reliable places where they can take their complaints and get justice without delay.
Ambassador Haile said his team chose to visit the Nigerian Tribunal to study the legal ways Nigeria handles disagreements that happen in the stock market. He praised the IST for the great work it has done in Nigeria and mentioned that Ethiopia is looking forward to signing an official agreement, known as a Memorandum of Understanding (MoU), with the Tribunal very soon.
“With the African Continental Free Trade Area coming into effect, Africans need to work together in the spirit of Pan-Africanism,” the Ambassador remarked. He said that Ethiopia wants to make its political and business relationship with Nigeria much stronger. He expressed hope that the lessons learned from Nigeria would help Ethiopia build a market that investors can trust.
To get a real feel for how the system works, the Ethiopian envoy attended a live court session. He watched firsthand how the judges manage investment cases and settle disputes. In Nigeria, the Investments and Securities Tribunal is a special court created to resolve market or shares-related cases within just 90 days. This speed helps to keep the market honest and gives people the confidence to invest their hard-earned money.
