CMSA summit targets sustainable growth, investor confidence

The Capital Market Solicitors Association has said its 2026 Annual Business Summit will focus on strengthening the structural foundations of Nigeria’s capital market, deepening investor confidence and promoting sustainable growth beyond temporary market rallies.

During a press briefing on Wednesday in Lagos, the chairman of the association, Simisola Eyisanmi, announced that the summit, scheduled for July 1, 2026, is themed “Structural Resilience and Market Permanence”.

Eyisanmi described CMSA as an independent self-regulatory association of solicitors and commercial law firms engaged in capital market practice in Nigeria, established to promote the interests of legal practitioners involved in capital market transactions.

According to her, this year’s summit seeks to examine how Nigeria can sustain capital market growth through institutional reforms, regulatory efficiency, technological innovation and stronger investor protection mechanisms.

“This year’s summit seeks to explore structural foundations and how to maintain structural resilience and market growth beyond temporary bullish cycles in the capital market. Establishing sustainable market resilience, therefore, requires shifting the focus from short-term speculative gains to deep, enduring structural reforms,” she said.

She noted that discussions would focus on institutional governance, capital adequacy, market trading procedures, regulatory reforms, technological integration, sustainable financing, investor confidence and long-term strategies required to ensure the sustainability of current market growth.

“Discussions at this year’s summit are expected to provide valuable insights into the opportunities, the risks and reforms that are shaping the future of the Nigerian capital market and broader economy,” she added.

Eyisanmi clarified the distinction between the capital market and the stock exchange, explaining that while stock exchanges serve as platforms where securities are bought and sold, the capital market is a broader ecosystem comprising various institutions, professionals and financial instruments.

“The Nigerian Stock Exchange is a market where securities are bought and sold. For instance, shares, equities, and, at times, bonds are traded there. We also have exchanges for commodities and over-the-counter trades,” she said.

According to her, the capital market extends beyond equities to include debt instruments, commodities, investment banks, issuing houses, financial advisers, custodians and other market operators involved in raising and managing capital.

“The capital market is broader and all-encompassing. It comprises not just the equities market, but also the debt market and commodities market. It is an aggregation of professional advisers, market structures, investment banks, financial advisers, commercial banks and custodians involved in securities transactions,” she explained.

Eyisanmi emphasised that both the stock exchange and the broader capital market are regulated by the Securities and Exchange Commission.

“The similarity is that they both have a common regulator, which is the Securities and Exchange Commission. The capital market generally is a regulated space; it is not a free-for-all,” she said.

On concerns regarding digital banks, fintech platforms and online investment applications, Eyisanmi urged Nigerians to ensure that institutions handling their funds are properly licensed by regulators.

“The keyword is to ensure that the bank or institution you are dealing with is duly licensed by the Central Bank of Nigeria,” she said.

She explained that licensed financial institutions operate within established regulatory frameworks designed to protect customers and maintain confidence in the financial system.

Addressing questions on investor protection and dispute resolution, Eyisanmi said the capital market has a well-defined process for resolving disputes involving investors and market operators.

According to her, investors who encounter challenges with investment products or market operators can lodge complaints with the SEC, which has the authority to investigate and take administrative action where necessary.

“If you invest in a scheme, product or company and you are not satisfied, you can start by writing to the SEC. They will investigate the complaint, and there is an Administrative Proceedings Committee that will further consider the matter,” she said.

She explained that dissatisfied investors can further pursue their claims before the Investments and Securities Tribunal, a specialised adjudicatory body established to handle capital market disputes.

“The IST serves as a specialised court for capital market transactions. Many people are not aware of this, but we hope to change that through greater public awareness,” she said.

Eyisanmi disclosed that the tribunal has been invited to participate in this year’s summit as part of efforts to educate stakeholders on available dispute-resolution mechanisms.

On access to finance for small and medium-sized enterprises, Eyisanmi highlighted several opportunities available within the capital market, including the Growth Board of Nigerian Exchange Limited and the NASD Over-the-Counter Securities Exchange.

She explained that these platforms provide less stringent listing requirements and alternative fundraising opportunities for smaller businesses seeking capital.

“We have growth boards for SMEs and other opportunities within the market. There are also investment banks and institutional investors looking for viable businesses to support,” she said.

Also speaking at the briefing, the Chairman of the Summit Planning Committee, Mohammed Abubakar (SAN), said the event was expected to produce actionable policy recommendations that would support the continued growth and stability of Nigeria’s capital market.

Abubakar, a former governor of Bauchi State, said the summit would reinforce the role of capital market solicitors as critical stakeholders in maintaining market integrity and investor confidence.

“The programme will produce actionable insights and policy recommendations that will support the continued growth and stability of Nigeria’s capital market.

“It will reinforce the pivotal role of capital market solicitors as gatekeepers of market integrity, innovation and investor protection. More importantly, it will foster stronger collaboration between regulators, operators, legal practitioners and investors, all working towards a more resilient and globally competitive capital market,” he added.

He called on regulators, financial institutions, investors, legal practitioners, corporate organisations and members of the media to participate in what he described as a landmark industry gathering.

Responding to questions on membership of the association, CMSA officials explained that membership is open to law firms and legal practitioners accredited by the SEC and actively engaged in capital market practice.

The planning committee chairman said prospective member firms must first be registered with the SEC and have the required number of sponsored individuals accredited by the regulator before applying to join the association.

“We have member firms and law firms that have been duly accredited by the Securities and Exchange Commission and are deeply ingrained within the practice of law in the capital market space,” he said.

Contributing to the discussion, CMSA Vice Chairman, Mabel Okereke, said recent reforms introduced under the ISA 2025 have significantly strengthened the powers of the SEC and improved protection for investors.

Responding to concerns about the high cost of litigation and the challenges faced by retail investors pursuing claims against market operators, Okereke said alternative dispute resolution mechanisms and regulatory intervention often provide effective remedies without the need for lengthy court proceedings.

“First and foremost, there are alternative dispute resolution mechanisms available. Once you approach a market operator and you have a claim against them, you most likely will have a result,” she said.

According to her, the expanded enforcement powers granted to the SEC have increased compliance among market operators.

Under the ISA 2025, the powers of the SEC have been expanded. Right now, no capital market operator wants to be caught for an infraction within the market,” she stated.

Okereke explained that investors who lodge complaints with the SEC could benefit from quicker resolution because of the commission’s enhanced regulatory and sanctioning powers.

“If you have any complaint and it is lodged with the SEC, you will find your result much more quickly because the commission now wields a very big stick and the sanctions under the powers of the SEC are quite extensive,” she said.

She expressed confidence that many disputes would be resolved through mediation or SEC intervention before reaching the Investments and Securities Tribunal.

“If you’re able to clearly articulate your claim and establish its credibility, more often than not, it will be resolved with the market operator. It may not even get to the SEC, but once it gets to the SEC, I believe it will stop there, and you wouldn’t need to proceed to the IST,” she added.