The Capital Market Solicitors Association (CMSA) has called for increased public awareness of dispute resolution mechanisms available within Nigeria’s capital market. The association stressed that many investors remain unaware of avenues for seeking redress when disputes arise.
Media Briefing Highlights
At a media briefing ahead of its Annual Business Summit (ABS), themed “Structural Resilience & Market Permanence: Anchoring Nigeria’s Capital Surge Beyond the Bull Run,” CMSA Chair, Simisola Eyisanmi, explained that investors who encounter challenges with investment schemes, public offers, or suspected fraudulent operations can access established regulatory channels through the Securities and Exchange Commission (SEC).
According to her, prospective investors should first conduct due diligence by verifying whether an investment scheme, product, or company is registered and recognised by the SEC, which regulates securities and investment offerings made to the public. She noted that where disputes arise after an investment has been made, affected investors can submit complaints to the SEC for investigation. The commission, she said, may subsequently refer matters to its Administrative Proceedings Committee, which reviews complaints and issues decisions based on its findings.
Eyisanmi added that investors dissatisfied with such outcomes can approach the Investments and Securities Tribunal (IST), a specialised adjudicatory body established to handle capital market disputes. “The IST exercises powers similar to those of the Federal High Court in matters relating to the capital market. Decisions of the tribunal are appealable directly to the Court of Appeal,” she said.
She observed that public knowledge of the tribunal’s role remains limited, adding that the CMSA is collaborating with the IST to improve awareness and understanding of available dispute resolution mechanisms among investors and market participants.
Emerging Opportunities and Regulatory Framework
Eyisanmi also highlighted emerging opportunities within the capital market, particularly for retail investors, small and medium-scale enterprises (SMEs), and participants in the digital asset ecosystem. She noted that the recently enacted Investments and Securities Act (ISA) provides a regulatory framework for digital and virtual assets, including cryptocurrency-related activities, custodial services, and exchange operations. According to her, the market continues to offer funding opportunities for SMEs through tailored investment products and capital-raising platforms, while institutional and private investors increasingly seek viable businesses for investment.
Annual Business Summit Details
Speaking about the forthcoming summit, scheduled for July 1 in Victoria Island, Lagos, Eyisanmi said discussions will focus on strengthening the foundations of Nigeria’s capital market through improved governance, regulatory reforms, capital adequacy, technological integration, market operations, and broader economic analysis. She added that deliberations at the summit are expected to generate insights into sustainable financing, institutional stability, investor confidence, and long-term strategies required to build a transparent, innovative, and globally competitive capital market capable of supporting economic growth and long-term capital formation.
The Chairman of the 2026 Conference Planning Committee, Mohammed Abubakar (SAN), said the association’s flagship summit seeks to strengthen Nigeria’s capital market and foster greater collaboration among stakeholders. Abubakar, a former governor of Bauchi State and governorship candidate of the All Progressives Congress in the state, added that the summit is designed to bring together legal practitioners operating within the capital market, business leaders, regulators, investors and other stakeholders from across Nigeria and Africa to deliberate on issues affecting the growth and sustainability of the sector.
He said the event would generate actionable insights and policy recommendations to support the continued growth, stability and competitiveness of Nigeria’s capital market. Abubakar noted that the summit would also reinforce the role of capital market solicitors as critical gatekeepers of market integrity, innovation and investor protection. “The programme will foster stronger collaboration between regulators, operators, legal practitioners and investors, all working towards a more resilient and globally competitive capital market,” he said.
He called on capital market stakeholders, financial institutions, regulators, corporate investors, legal practitioners and members of the media to actively participate in what he described as a landmark event for the industry.
Membership Requirements for CMSA
The Vice Chair of the Capital Market Solicitors Association (CMSA), Mabel Okereke, explained the requirements for legal practitioners and firms seeking membership of the association, stressing the need for regulatory accreditation within Nigeria’s capital market ecosystem. Okereke said membership is open to law firms and practitioners actively engaged in capital market practice and duly accredited by the Securities and Exchange Commission (SEC). According to her, prospective member firms must first be registered with the SEC and have sponsored individuals within the firm who are also registered with the commission.
She explained that interested firms are required to submit an application to the CMSA executive committee, after which membership criteria and guidelines would be provided for assessment. Okereke added that in-house legal practitioners interested in joining the association are also eligible, provided they meet the stipulated requirements. She noted that CMSA’s role includes providing guidance and support to legal practitioners operating within the capital market, adding that the membership process is straightforward once applicants show the necessary qualifications and regulatory compliance.
