Ahmed Raji, SAN, Calls for Speedy Justice and Legal Reforms as ISA 2025 Reshapes Capital Market Regulation
The one-day seminar, held at the Legend Hotel, Ikeja, Lagos, focused on the theme: “Strengthening Adjudication and Depositor Confidence in the Banking System.”
Legal expert and Senior Advocate of Nigeria, Ahmed Raji, SAN, delivered a keynote presentation titled “The Investments and Securities Tribunal’s Jurisdiction and Depositor Protection: Challenges and Opportunities.” His paper examined the implications of the newly enacted Investment and Securities Act, 2025 (ISA 2025), which replaces the 2007 legislation and introduces major reforms aligned with global financial market practices.
Raji emphasized that the capital market remains a cornerstone of economic development by facilitating medium to long-term investments. According to him, the ISA 2025 significantly enhances the authority of the Securities and Exchange Commission (SEC) and introduces innovative provisions—including the recognition of digital assets, creation of the Investment Protection Fund, and a ban on Ponzi schemes.
He highlighted a crucial addition in the new law: a clearer legal definition of a “depositor” in the capital market context. Under ISA 2025, a depositor includes anyone who stores commodities in accredited warehouses for trading or investment purposes. This differs from the traditional understanding of depositors in banking, who typically place money in deposit money banks.
“Depositor protection is now broader and more urgent,” Raji said. “It’s no longer just about safeguarding money in banks but also securing tangible and digital assets within the capital market system.”
Raji praised the establishment and jurisdiction of the Investments and Securities Tribunal, which now has exclusive powers to hear disputes arising from capital market operations. He described the Tribunal as essential to ensuring market integrity and depositor trust, noting that justice must be prompt to be effective.
The senior lawyer also urged legal practitioners and regulatory authorities to address gaps in implementation and streamline dispute resolution processes in line with the Investment and Securities Tribunal (Procedure) Rules, 2022.
While commending ISA 2025 for modernizing Nigeria’s financial regulatory architecture, Raji warned that the legal reforms must be matched with effective execution to protect investors and promote economic resilience.
The seminar attracted top judicial figures and capital market stakeholders, providing a platform for dialogue on the intersection of law, policy, and financial market stability. It also reaffirmed the NDIC’s commitment to strengthening depositor confidence through stakeholder engagement and legal education.
As Nigeria navigates complex changes in its financial system, the call for judicial responsiveness and investor protection remains more relevant than ever.
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