Experts have called for stronger legal, regulatory and institutional frameworks to sustain Nigeria’s capital market growth beyond the current bullish cycle.

They made this call at the Capital Market Solicitors Association (CMSA) Annual Business Summit (ABS), themed: “Structural Resilience and Market Permanence: Anchoring Nigeria’s Capital Surge Beyond the Bull Run.”

The chairman of the 2026 CMSA Conference Planning Committee, Mohammed Abubakar (SAN), said Nigeria’s capital market had witnessed remarkable vibrancy, record-breaking indices and renewed investor confidence in recent times, stressing, however, that market rallies were cyclical and not permanent.

According to him, the country’s economic success should not be measured by temporary market highs but by the ability of its institutions to withstand inevitable downturns and external shocks.

Abubakar identified critical questions confronting stakeholders, including how to convert temporary liquidity into permanent capital, transition from sentiment-driven market rallies to institutionally anchored growth, and shield the capital market from macroeconomic shocks and global volatility.

He stressed that achieving market permanence would require robust legal frameworks, effective regulatory oversight and innovative financial products.

The senior lawyer, who was the former governor of Bauchi State, also highlighted the growing importance of digital assets, noting that legal practitioners must take the lead in shaping policies and regulatory practices governing the emerging sector.

He further praised the role of the Investment and Securities Tribunal (IST), noting that it had filled a major gap in the country’s dispute resolution framework by providing investors with a direct avenue for resolving capital market disputes, with appeals proceeding straight to the Court of Appeal.

Abubakar maintained that taxation should not discourage investment, explaining that investors often enjoy tax incentives before becoming liable to pay taxes on profits generated from their investments.

He urged lawyers to provide bold, practical and constructive solutions to strengthen investor confidence and drive national development.

In his keynote address, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, urged stakeholders in the capital market to consolidate recent market gains by building stronger legal, institutional and governance frameworks capable of sustaining long-term investment growth.

The Minister, who was represented by his Special Adviser on Legal Compliance, Chimdalu Omaliko-Nwosu, said Nigeria’s recent capital market rally reflected growing investor confidence in the country’s macroeconomic reforms.

According to him, the government’s transition to a market-reflective foreign exchange regime, removal of fuel subsidies and implementation of new tax reforms have strengthened Nigeria’s fiscal architecture and improved policy predictability.

He, however, warned that market gains could easily be reversed if investor confidence weakens, stressing that Nigeria must transform its current market momentum into structural resilience.

He identified four critical pillars required to achieve this objective: legal certainty, institutional consistency, corporate governance and deeper capital markets.

He also stressed the importance of policy consistency, warning that frequent regulatory changes discourage long-term investment.

On corporate governance, he argued that Nigeria’s challenge lies less in the quality of its governance codes than in their enforcement.

The minister further called for efforts to deepen the market through the expansion of corporate bonds, derivatives, pension investments and secondary market liquidity.

Urging members of CMSA to remain the conscience of the market, he called on lawyers to help bridge the gap between legislation and implementation, while supporting greater access to capital for small and medium-sized enterprises.

He assured stakeholders that the Federal Government would continue to harmonise tax policies, maintain foreign exchange reforms and pursue fiscal discipline to sustain investor confidence and economic growth.

The chairman Chief Executive Officer of the Investment and Securities Tribunal (IST), Junaidu Aminu in his presentation expressed concern over the low level of awareness among legal practitioners and investors regarding the tribunal’s exclusive jurisdiction over investment-related disputes, warning against the continued practice of “forum shopping” in capital market cases.

Speaking on the operations of the tribunal, Aminu noted that some capital market solicitors still approach the Federal High Court and state high courts to file investment-related cases, despite clear provisions of the law conferring exclusive jurisdiction on the Investment and Securities Tribunal.

According to him, the persistent practice has undermined the effectiveness of the dispute resolution mechanism established to strengthen investor confidence in Nigeria’s capital market.

“Up to now, some capital market solicitors are not aware of the existence of investment institutions. This is what we call forum shopping. Instead of filing their cases before the tribunal, they keep going to the Federal High Court as well as state high courts,” he said.

Aminu explained that the IST Act expressly provides that disputes arising from investment transactions must be brought before the tribunal, stressing the need for greater public awareness of the institution’s mandate.

He further clarified the procedures investors must follow before approaching the tribunal, noting that aggrieved parties are required to first lodge complaints with the Securities and Exchange Commission (SEC).

“The new law is very clear that once you have an issue, you have to file a complaint with the SEC. If the SEC fails to act within 60 days, then you can issue a pre-action notice of 14 days and proceed to the tribunal by invoking our original jurisdiction,” he stated.

He added that parties dissatisfied with decisions of the SEC could also approach the tribunal through its appellate jurisdiction.

Aminu observed, however, that many complainants merely submit petitions to the SEC without pursuing the prescribed legal process, thereby delaying the resolution of disputes.

He said the Federal Government remains committed to strengthening investor confidence in the country’s financial markets through an efficient dispute resolution framework, noting that the tribunal operates under strict performance benchmarks.

According to him, the tribunal has been mandated under the Investment and Securities Act 2025 and key performance indicators established by the Ministry of Finance to conclude all matters brought before it within three months.

“Any case brought before the tribunal, whether under our original or appellate jurisdiction, must be disposed of within three months, and we have been complying with that requirement,” he said.

The IST chairman also reiterated that parties dissatisfied with the tribunal’s judgments retain the constitutional right to appeal to the Court of Appeal and, subsequently, the Supreme Court.

Earlier, CMSA chair, Simisola Eyisanmi underscored the need for sustained regulatory compliance, robust legislative frameworks, and enhanced due diligence to strengthen investor confidence and ensure long-term resilience in Nigeria’s capital market.

Eyisanmi said stakeholders in the capital market ecosystem must continue to play their roles in sanitising the market through proper transaction documentation, compliance monitoring, and rigorous due diligence processes aimed at protecting investors and other stakeholders.

According to her, the legal profession remains central to maintaining the integrity and stability of the capital market, stressing that members of the association are committed to upholding the highest standards of practice.

She clarified the distinction between the financial services sector and the capital market, noting that payment systems and payment platforms fall under the regulatory jurisdiction of the Central Bank of Nigeria (CBN), while the capital market primarily focuses on investors and the investing public.

While acknowledging concerns relating to payment-related disputes, Eyisanmi expressed confidence in the CBN’s existing complaint and dispute resolution frameworks, urging affected individuals and institutions to take advantage of available mechanisms.

She described the summit as a critical platform for fostering meaningful dialogue and developing actionable solutions to address stakeholder concerns across the capital market ecosystem.

Eyisanmi further noted that since its establishment in 2001, the CMSA has served as a leading platform for solicitors engaged in capital market practice, attributing the association’s achievements over the past two decades to the contributions of member firms, representatives, regulators, market infrastructure institutions, and other stakeholders.

She added that the successful hosting of the 2026 summit reflected the unwavering commitment of the CMSA Executive Committee, the planning committee, and the collective support of member firms dedicated to advancing the Nigerian capital market.

Former CMSA chairman and Managing Partner of Alliance Law Firm, Uche Val Obi (SAN), stressed the need for market permanence and resilience to ensure stability and sustained growth in Nigeria’s capital market.

Obi said Nigeria must deepen its capital market through robust listings, cross-border investments and enhanced liquidity.

He noted that dual listings on global exchanges would strengthen investor confidence and market penetration.

According to him, increased market absorption capacity, active trading in securities, commodities, derivatives and futures markets, alongside recent banking recapitalisation efforts, would help build a larger and more resilient investment ecosystem.