Business
Capital Market: Minister Lists Gains Of Securities Tribunal
The Minister of State for Finance, Dr Yerima Ngama, last Monday said the Investments and Securities Tribunal (IST) was critical to the growth and smooth operation of the capital market.
Ngama, who made this known in Abuja at the inauguration of the IST board headed by Dr Ngozi Chianakwalam, said the tribunal was doing a lot to lift the confidence of investors.
“It is in recognition of its critical role that the Ministry of Finance has proposed new amendments to the Investments and Securities Act (ISA 2007) to send to the National Assembly,’’ he said.
The minister said this would enhance the tribunal’s work and also ensure that it’s Chairman and other members could seamlessly transit to the Court of Appeal and the Supreme Court.
“This is because the IST is equivalent to the Federal High Court,’’ he said.
Ngama urged the new chairman to liaise with the National Judicial Council (NJC) for its inputs to the amendments.
The Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said the tribunal had done a wonderful work so far.
Okonjo-Iweala, however, noted that the tribunal’s work had remained largely unsung.
She said that President Goodluck Jonathan had to personally review and approve the list of nominees into the tribunal’s board.
“This is to ensure the best hands are on deck there,’’ she said.
Okonjo-Iweala described the board chairman as a seasoned lawyer and veteran public servant who was more than qualified to lead the tribunal.
“The appointment of a very strong lawyer with varied experiences in the Civil Service and the corporate world is a key component of the law and order being championed by the Federal Ministry of Finance to promote investments in the country.”
Chianakwalam, in her remarks, pledged the board’s commitment to achieving the mandate of the tribunal.
Chianakwalam had earlier served as Solicitor-General and Permanent Secretary, Ministry of Justice, Abia and Director, Registry, Corporate Affairs Commission (CAC) in Abuja.
She attended the University of Ife (now Obafemi Awolowo University, Ile-Ife), where she graduated in 1977 and was called to the Nigerian Bar in 1978.
The board chairman obtained an MBA in Management Technology in June 2001 from the Federal University of Technology, Owerri.
She later obtained a Ph.D in Criminal Law at Rochville University, West Hollywood, California in the U.S.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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