FG Speaks on Investment Opportunity in Nigerian Stock Market
- Important participants and investors in Nigeria's capital market have received assurances from the federal government
- The guarantee was given by the Coordinating Minister of Economy and the Minister of Finance
- He asked high court judges to forward matters to IST for a fast hearing that involved investments and securities
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
The Federal Government of Nigeria has guaranteed investors and important players that their capital market assets will be protected, even in the face of the country's economic turbulence.
Source: Getty Images
Adebayo Edun, the minister of finance and coordinating minister of economy provided the guarante at the Kano Hybrid Sensitization Seminar on Investments and Securities Tribunal (IST).
The minister emphasised the importance of the capital market in raising funds for economic growth and social infrastructure, and he affirmed the administration's resolve to bolster investor confidence.
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According to Edun in a The Guardian report, investors don't need to worry about unresolved conflicts about their stocks because the Investments and Securities Tribunal was set up to maintain stability and a favourable investment climate.
The minister, who participated electronically in the workshop, emphasised the government of President Bola Tinubu's dedication to creating infrastructure expansion and utilising the capital market wisely to enhance investment prospects.
Amos Azi, the chairman of the Investments and Securities Tribunal (IST), clarified that the tribunal's creation was meant to expedite the resolution of disputes between stock market participants, regulators, and investors.
Azi continued, saying that the law has given IST the authority to hear and rule on any dispute presented before it within ninety days to ensure the prompt administration of justice and security on assets in the stock exchange ecosystem.
Azi, who also serves as the Investments Tribunal's Chief Justice, reminded the audience of the Supreme Court ruling that gave IST the sole authority to hear cases involving the capital market and make decisions about them.
He urged judges of high courts to promptly send cases involving securities and investments presented before them to IST for a prompt hearing.
Azi said,
“The workshop was organised to sensitise judicial officers on the critical role of IST and why they should timely refer cases that have to do with the capital market and stock exchange to IST.
“IST is established to protect investments and restore investors’ confidence in any case of dispute either between them and the regulator or the stockbrokers. While the tribunal ensures investors’ returns, it also gives the regulator, that is, the Securities and Exchange Commission (SEC), powers to take drastic action against defaulters of laws,” Azi added.
The Chief Justices of the states of Kano and Jigawa expressed their opinions in separate speeches, stating that Nigeria's corpus of jurisprudence has been significantly expanded by the Supreme Court's ruling regarding the exclusive jurisdiction of IST on capital market-related disputes.
CBN explains what to do with dormant accounts
Legit.ng reported that Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has expressed worry about the susceptibility of inactive bank accounts to fraudulent activity.
Addressing journalists on Tuesday after the two-day Monetary Policy Committee (MPC) meeting, Cardoso stated that the benchmark interest rate had increased by 50 basis points to 26.75%.
He clarified that accounts that are left idle for long periods of time are frequently easy targets for identity theft and unauthorised access by scammers.
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Source: Legit.ng
