The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to fast-track business disputes, saying faster justice delivery is critical to attracting long-term investment and deepening Nigeria’s capital market.
Oyedele made the proposal on Tuesday while delivering his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria, CMAN, during the association’s Second Biennial Conference in Abuja. The conference was themed _“The Nigerian Capital Market as a Catalyst for Equitable and Inclusive Growth.”_
He said delays in resolving commercial disputes remain one of the biggest obstacles to investment, noting that cases currently take an average of 15 years to progress through the High Court, Court of Appeal and Supreme Court.
According to him, such prolonged litigation creates uncertainty, discourages investors and significantly increases the cost of doing business in Nigeria.
To address the challenge, the minister proposed a dedicated Commercial Dispute Resolution Tribunal staffed by judges and arbitrators with specialised expertise in commercial, financial and capital market matters. He said the tribunal should operate with digital case management systems and mandatory timelines to ensure swift resolution of disputes involving businesses, suppliers, joint venture partners and other commercial entities.
The minister explained that the proposed tribunal would complement existing investment protection mechanisms by providing a more efficient avenue for resolving commercial disagreements that often delay investments and weaken investor confidence.
He stressed that virtually every financial instrument—including bonds, syndicated loans, private placements and structured notes—is founded on enforceable contracts, making speedy dispute resolution essential for the growth of the capital market.
Beyond judicial reforms, Oyedele urged Nigerians to reconsider their perception of public borrowing, insisting that debt should be judged by what it finances rather than by its size.
“Borrowing is not inherently harmful and should instead be viewed as a financial tool capable of supporting economic growth when channelled into productive investments,” he said. “The relevant question is never simply how much debt there is. It is always debt for what, at what cost, against what return and repayable on what terms.”
He criticised the tendency to condemn every instance of government borrowing without examining whether the funds are invested in projects capable of generating sustainable economic returns. According to him, governments and businesses that borrow to finance productive assets yielding returns above the cost of capital are making rational financial decisions.
The minister also challenged entrepreneurs who resist external investors to retain full ownership. He noted that owning 100 per cent of a small enterprise often creates less value than holding a substantial stake in a larger, well-capitalised company.
Oyedele outlined what he called the “seven laws of capital attraction,” stressing that investors are drawn by trust, policy consistency, strong institutions and the rule of law rather than generous tax incentives.
“Capital hates uncertainty more than taxation,” he said, citing policy reversals, regulatory inconsistencies, foreign exchange uncertainty and weak contract enforcement as key deterrents. “Investors commit long-term capital to countries with credible institutions rather than to individual political leaders.”
He identified an independent judiciary, a credible central bank and an efficient public bureaucracy as critical pillars for attracting sustainable investment. He also urged government officials, professionals and the media to improve communication around reforms, saying Nigeria often pays a “perception premium” because positive policy changes are poorly communicated.
Meanwhile, the Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, called for stronger collaboration between regulators and academics, saying research-driven policymaking is essential for strengthening Nigeria’s capital market and promoting inclusive growth.
Speaking during the opening of the conference, Agama described the Capital Market Academics of Nigeria as an important bridge between academic research and financial market regulation.
“I have long believed that good regulation begins with good thinking. The policies we make at the Securities and Exchange Commission are only ever as strong as the evidence and the ideas that inform them,” he said.
According to him, research generated through academic conferences, journals and peer-reviewed studies provides the foundation for evidence-based regulation capable of responding to the evolving needs of Nigeria’s financial markets. He said the Commission regards academics as strategic partners whose ideas can shape policies that strengthen investor confidence and support market development.
Agama noted that Nigeria’s capital market is undergoing major reforms following the enactment of the Investments and Securities Act, 2025, and the implementation of a new 10-year Capital Market Master Plan.
He said the reforms require rigorous research, constructive scrutiny and honest debate to ensure that regulatory policies remain responsive to emerging realities and aligned with global best practices.
“The Commission’s door is open to evidence, to challenge and to fresh ideas, wherever they may lead. The finest measure of these two days will not be the sessions we hold, but the policies and the practices they go on to shape,” Agama said.
The President of the Capital Market Academics of Nigeria, Prof. Uche Uwaleke, called for a structured framework to connect universities and financial institutions, saying closer partnerships are essential to deepening Nigeria’s financial markets.
He said Nigeria has abundant intellectual capacity within its universities and extensive practical expertise across financial institutions, but lacks a framework to connect both sectors for national development.
“Countries with resilient financial systems have succeeded by fostering continuous collaboration among universities, regulators, government agencies and industry players,” Uwaleke said.
To bridge the gap, he urged the Federal Ministry of Education and the National Universities Commission to recognise industry experience alongside academic publications in the appointment and promotion of lecturers in Banking, Finance, Insurance, Accounting and Capital Market Studies.
He also recommended that universities recruit accomplished retired bankers, investment professionals and capital market practitioners as adjunct lecturers to enrich teaching and better prepare graduates. He asked the NUC to award accreditation points to programmes that integrate experienced industry practitioners into their faculties.
Uwaleke further called on financial sector regulators, including the CBN, SEC, NAICOM, PenCom and NDIC, to institutionalise structured sabbatical and research fellowship opportunities for qualified academics.
He proposed a Financial Markets Research Partnership, championed by the Federal Ministries of Finance and National Planning, to bring together regulators, universities and industry to commission research on capital market development, infrastructure finance, pension reforms, insurance penetration, financial inclusion and sustainable finance.
He appealed to the National Assembly to support policies that encourage collaboration through incentives for financial institutions investing in research partnerships and university-based financial market research centres.
Uwaleke commended the SEC, Bank of Industry, Cowry Asset Management Limited and the Chartered Institute of Stockbrokers for already providing sabbatical opportunities to CMAN members.
He reaffirmed the association’s commitment to serving as a bridge between academia, government, regulators and industry through independent research, policy advice and intellectual support aimed at strengthening Nigeria’s financial system.
