Although experts hail the Investments and Securities Act (ISA) 2025 as it promises to transform Nigeria’s capital market, its success hinges on overcoming a significant hurdle, the sluggishness of the nation’s judicial system, which threatens to stall its full implementation and enforcement.
This concern was at the forefront of discussions during a recent forum hosted by the Capital Market Correspondents Association of Nigeria (CAMCAN), where the Head of the Enforcement Department at the Securities and Exchange Commission (SEC), Sa’ad Abdusalam, decried how systemic delays in the judiciary continue to undermine timely enforcement of securities laws and frustrate the Commission’s efforts to curb fraudulent investment schemes.
According to Abdusalam, the commission was constantly improving its existing frameworks including expanding its enforcement and legal team, but noted that, even when strong evidence is available, actions are hampered by the legal requirement for court approval, which often takes weeks or even months.
“The legal environment in Nigeria is a very big challenge,” Abdusalam said. “Whatever you do, you have to go to the court.”
