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Effective Dispute Resolution Panacea For Capital Market Growth – Yuguda

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By Tony Obiechina, Abuja 

The Director General  Securities and Exchange Commission (SEC), Mr Lamido Yuguda has said that the capital market, which is considered the catalyst for economic growth, must be sustained by an effective and efficient dispute resolution mechanism by adjudicators who are subject matter experts to engender investors’ confidence.

Yuguda stated this during a one day workshop organised by the Investmebrs and Securities Tribunal in collaboration with the Nigeria Bar Association wity the theme “Law, Practice and Procesure of the IST” held at the SEC head office in Abuja, Wednesday.

Represented by Executive Commissioner Commissioner Legal and Enforcement  of SEC Mr. Reginald Karawusa, Yuguda said the workshop is important for legal Practitioners who appear before the IST on behalf of their clients and lawyers who generally practice in the capital market.

According to him, “This workshop is important for legal practitioners who appear before the IST on behalf of their clients and lawyers who generally practice in the capital market

“Lawyers play very prominent roles in Capital market and as such should not only how to structure transactions but also have clear knowledge of the procedure and the practices of appearing before the IST”.

The SEC DG said the workshop will among others, the workshop will discuss topical issues such as: The status, jurisdiction and power of the Tribunal; Transactions and dispute resolution in the Nigeria capital market; The role of lawyers and panel discussions on these all-important topics.

“It is a welcome development that workshops such as this is holding at this period when the new IST procedure has been published. I would encourage and recommend that this workshop be an annual feature in the calendar of the Investments and Securities Tribunal and the Nigerian Bar Association.

“I commend the organizers of this workshop and assure the Bar Association and the IST that the commission would be ready to support them and also share in the knowledge and experience this workshop will produce since it is lawyers frequently appear before the Tribunal”. Yuguda added.

In his remarks, Chairman of  IST, Mr. Amos Azi said that by the Securities And Exchange Commission Act of 1988 the Federal High Court was vested with jurisdiction over violations arising from capital market transactions.

Azi said pursuant to the said Act the SEC established the Administrative Hearing Proceedings Committee to resolve capital market disputes, and appeals lay therefrom to the Federal High Court.

“Unfortunately the Federal High Courts were largely unable to appreciate the peculiar nature of the capital market, being as it were very time sensitive. Investors’ confidence were not particularly helped by the delays encountered in the resolution of their disputes in the conventional courts as the transactions in the market increased, thereby impacting negatively on investors’ confidence vis-a-viz market performance” he said.

The IST Chaorman said mindful of the need to be responsive to an ever evolving market the Tribunal reviewed its Procedure Rules, which was exposed to stakeholders for necessary inputs.

“The new Rules which incorporated the use of technology and other trends in the market in the Tribunal’s proceedings further addressed all observed lacunae in the reviewed Rules.

“This workshop “Laws Practice and Procedure of the Investments and Securities Tribunal” is aimed at acquainting practitioners with the basic Laws and Rules governing proceedings at the IST. This is particularly so as most lawyers are not seized of the required knowledge in Capital Market Laws and Practice. It is hoped that this workshop will wet your appetite and create a desire for specialization in Capital Market laws and Practice”.

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NELFUND Loan Improves Graduate’s GPA to 3.50

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A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

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FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

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The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

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OPay Provides Update on Planned NYSE IPO, Reaffirms Normal Business Operations

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From Tony Nwachukwu, Lagos

Fintech company OPay has announced the postponement of its planned public offering on the New York Stock Exchange (NYSE), following careful consideration of an ongoing inquiry by a regulatory authority.

The company said the decision to postpone the offering was taken in the best interests of the business and its customers.

In a statement shared with DAILY ASSET, OPay explained that the ongoing inquiry does not affect the services it provides to customers or how it operates in Nigeria and its other business markets.

The company also reassured customers, merchants, agents and other business partners that its operations would continue as usual, with all services remaining fully available.

“Customers can continue sending and receiving money, making payments and saving without interruption,” the statement noted.

OPay expressed appreciation to its customers, merchants, agents, business partners, employees and other stakeholders for their continued trust and support.

The company also reiterated its commitment to making financial services more inclusive through technology

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