Capital Market Crucial in Shifting Economy From Single Commodity Focus — Shettima

The capital market, according to Vice President Senator Kashim Shettima, is a vital instrument for diversifying the country’s economy away from an excessive dependence on a single commodity in order to promote local industrialization and draw in both foreign direct investments and domestic capital.
He maintained that a healthy capital market can increase financial inclusion, release latent wealth, and raise citizens’ quality of living.
The Securities and Exchange Commission (SEC) and the National Judicial Institute (NJI) jointly organized a two-day Capacity Building Interactive Workshop on Capital Market Law, Ethics, and Judicial Interpretations for Judges of Superior Courts, which began Monday in Abuja with a speech by the vice president.

Judges, lawmakers, regulators, legal professionals, and capital market specialists are among the attendees of the workshop, where they are discussing how to update dispute resolution in Nigeria’s capital market and make sure the system keeps up with the rapidly changing financial practices of the world.
The Vice President, speaking on behalf of the Special Adviser to the President on Economic Matters, Tope Fasua, explained that the capital market is the engine that propels progress and prosperity by directing national savings into profitable endeavors.
He claims that the workshop’s theme, “Repositioning the Nigerian Capital Market for National Economic Transformation through Effective Dispute Resolution,” was “a clarion call, a strategic imperative that resonates deeply with the economic agenda of this administration,” rather than just a subject for discussion.
Shettima emphasized that this demonstrated the indisputable fact that a strong, effective, and reliable capital market serves as the foundation for long-term, sustainable national economic reform.
The Vice President noted that the capital market is the heartbeat of contemporary economies, a complex ecosystem that mobilizes long-term resources for profitable investments, and it is much more than just a venue for buying and selling securities.
It links investors and savers, giving companies the cash they need to grow, innovate, and add jobs. It is where small and medium-sized businesses (SMEs) may grow, where infrastructure projects can be funded, and where entrepreneurs’ aspirations can come true. The capital market is even more important in Nigeria, a country full of promise and with a young, vibrant populace. It is an essential instrument for encouraging domestic industrialization, drawing in both foreign direct investments and domestic capital, and diversifying our economy away from an excessive dependence on a single commodity.
“A healthy capital market may increase financial inclusion, release latent wealth, and raise our residents’ standard of living in the long run. It is the mechanism that drives the wheels of growth and prosperity by directing national savings into profitable endeavors,” he said.
He argued that given the scope of the country’s goals—which include a diversified industrial base, a flourishing digital economy, a revitalized agricultural sector, and massive infrastructure development—none of them can be realized without significant, long-term funding, which can only be found in the capital market.
He stated that the capital market, with its ability to supply stock and long-term loan instruments, is what provides the patient capital needed for the transformative undertakings, even though the banking industry is important and mostly supplies short-term financing.

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He emphasized, “It is the platform for public-private partnerships, for securitizing future revenues, and for enabling regular Nigerians to participate in our country’s growth story.”
However, he pointed out that trust is a fundamental and non-negotiable component of any capital market’s effectiveness. He added that investors, whether domestic or foreign, institutional or retail, will only commit their hard-earned money in situations where they are certain that their investments are safe, that transactions are transparent, and that their rights are upheld.
He emphasized that this confidence is based on robust regulatory frameworks, successful market operations, and—above all—a fair and efficient dispute resolution process.
“We accept the difficulties that have occasionally prevented our capital market from reaching its full potential. These include concerns about investor education, market liquidity, and, in fact, how effective and equitable our dispute resolution procedures are seen to be.
Capital is very mobile in today’s globalized financial market and looks for settings that provide not just profits but also legal predictability and certainty. Potential investors may be turned off by any apparent flaw in our dispute resolution process and move their money to more alluring jurisdictions, he stated.
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, who was represented by Justice Stephen Jonah Adah of the Supreme Court, stated in her keynote address that the capital market is now a vital tool for economic empowerment and participation rather than a remote concept reserved for institutional or high finance investors.
The CJN noted that the capital market impacts opportunities, livelihoods, and national competitiveness for everyone from small-scale investors and diaspora bond subscribers to pension contributors and fintech entrepreneurs.
She argued that it was a democratic weapon for wealth development and national stability rather than just an economic one.
However, it is susceptible, just like any other essential system. Although it may also be a source of distortion, the stock market is a storehouse of trust. Although it is a forum for innovation, fraud and regulatory arbitrage are also possible. The judiciary has a significant role to play in this. as active stewards of business justice and economic integrity rather than as passive arbiters.
“Digital assets, cryptocurrency transactions, green financing instruments, and transnational securities are examples of new financial frontiers that we must recognize.” These advancements frequently surpass the instruments of conventional judging. Applying current ideas without modification is insufficient, and we must resist the temptation to believe that innovation invalidates precedent. Rather, we need to approach these problems in a way that maintains legal coherence while still being adaptable to changing business realities. It is a good thing that the Investments and Securities Act, 2025, was recently passed. Its provisions provide improved tools for investor protection and regulatory clarity. However, without thoughtful and intentional interpretation, even the most advanced laws are useless. Therefore, it is our responsibility to provide these statutory instruments vitality and meaning that is consistent with the goals of the legislature, business logic, and ethical awareness.
“This class is more than just a training session. It serves as a forum for introspection and rejuvenation as well as a testing ground for enhancing our comprehension of the demands that contemporary financial adjudication makes on the Bench. The rulings we make in capital market disputes have an impact outside of the courts; they affect investor behavior, public confidence, and financial institution stability, according to Kekere-Ekun.
He said that “when justice is swift, sound, and credible, capital is attracted, innovation flourishes, and prosperity becomes inclusive,” and he asked the judges to remember the strong messages their rulings send.
On the other hand, she pointed out that “confidence is undermined and economic activity is suppressed when decisions are delayed, unclear, or ignorant.”
She emphasized that the judiciary must consequently regard itself as a co-architect of the national economic system as well as an interpreter of the law. She noted that the workshop was held during a period of significant national importance, one that was marked by both rapid changes in regulatory architecture and economic complexity.
The judiciary cannot remain passive in such an atmosphere, she said, adding that “our jurisprudence must respond with both integrity and intelligence.”
“This forum is not only necessary, but also timely. It is a reaffirmation of our shared determination to improve our interpretive skills and bolster judicial competence in the rapidly growing fields of capital markets and economic justice,” she said.
In his introductory remarks, SEC Director General Dr. Emomotimi Agama praised President Bola Tinubu and the National Assembly for the Investments and Securities Act (ISA), 2025’s successful passage and enactment. He added that the historic law represented a major turning point in Nigeria’s financial and economic sector, bolstering investor confidence, fortifying regulatory frameworks, and improving the country’s standing in international markets.
In order to accomplish the objectives of regaining investor confidence, providing prompt assistance to resentful investors, and fostering widespread Nigerian participation in wealth creation, Agama said the workshop was a part of the SEC’s firm commitment to a deeper engagement with all stakeholders and ensuring that the provisions of the ISA 2025 are widely disseminated, discussed, and fully understood.
During his remarks, Mr. Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), remembered the ongoing investment and commercial crime cases that the anti-graft agency is handling, including those involving Binance and CBEX.
“We now have a strong need to comprehend the complexities of some of these new issues pertaining to virtual assets.” Two months ago, a report was published by an international development agency that the World Trade Organization (WTO) had hired to conduct a survey on virtual assets and investment. The agency found that, in 2023 alone, virtual assets and investment funds accounted for roughly 9.8% of global GDP.
“They have not yet produced the 2024 report. According to projections, it will increase to 14.5% by 2025 and 2026,” he stated.
As he reminded the judges, “it’s important to understand that you will start hearing some funny terminologies your Lordships have not heard before by the time some of these emerging issues start coming before you (of course, we have started filing processes).”
Bitcoin, Blockchain, Decentralised Finance (DeFi), Digital Wallet, Stable Coin, Distributed Ledger, and mining are a few of the terms he mentioned.
He informed the court that money service is what they mean when they hear about mining, not gold or uranium.
He pointed out that these were problems that would arise when cryptocurrencies or virtual assets become legalized with the passage of ISA 2025.
He said it was critical that Nigeria rise to the occasion, citing the EFCC’s decision a few months prior to publish the identities of roughly 58 unregistered companies operating pyramid schemes in Nigeria.
He continued by saying that the SEC had confirmed they lacked a license, while the Central Bank of Nigeria (CBN) had rejected their legal existence.
Olukoyede went on to say that the EFCC had already charged the 58 of them, emphasizing that 12 of them had already been found guilty while the other cases were still pending.
Thus, it presents a significant obstacle for us. To guarantee that this threat is eliminated, we wish to enlist the judiciary’s assistance,” he said.
Osita Izunaso, the chairman of the Senate Committee on Capital Markets, revealed earlier in his remarks that he is already sponsoring a measure to change the Investments and Securities Tribunal (IST) from a tribunal to a regular court.
When enacted into law, the IST will no longer operate as a tribunal and will instead take on the typical functions of regular courts, including the appointment of judges and holding of sessions.
He asked the SEC to aggressively and extensively raise national awareness of the IST Act 2025.