Shareholders Seek Effective ISA Implementation for Capital Market Growth 

Kayode Tokede

Shareholders under the ageis of  Independent Shareholders Association of Nigeria (ISAN) have emphasised the need for efficient and impartial implementation of the Investments and Securities Act (ISA) 2025 to drive sustainable growth in the nation’s capital market.

The president of ISAN, Moses Igbrude, stated this while speaking at the 2025 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.

Igbrude highlighted that for ISA 2025 to achieve its full potential, regulators must not only enforce the law independently but also build the capacity to oversee all its provisions effectively.

According to Igbrude, the Securities and Exchange Commission (SEC) should exercise a regulatory role with fairness and foresight, allowing market operators the freedom to execute their business activities without interference, while ensuring that compliance and governance standards are maintained at the highest level.

He stressed that regulators must build and sustain the capacity to effectively manage every aspect of ISA 2025, from emerging digital assets to traditional investment instruments, ensuring that the law is not only enforced in the short term but embedded into long-term strategic planning.

Highlighting the importance of infrastructure, Igbrude pointed out that the development of a fully integrated and synchronized ecosystem is essential to facilitate seamless market operations.

He envisioned a one-stop platform where all stakeholders, including investors, operators, and regulators, can interact efficiently from the initiation to the conclusion of every transaction.

Such infrastructure, he noted, would eliminate operational bottlenecks, enhance transparency, and create a cohesive environment that fosters innovation, efficiency, and trust across the market.

Igbrude also placed significant emphasis on investor protection, particularly for minority and core shareholders, noting that safeguarding their interests is fundamental to cultivating confidence and participation in the capital market.

He advocated for mandatory representation of minority shareholders on corporate boards, ensuring that their voices are heard in key decision-making processes.

This, he argued, would strengthen corporate governance, reduce the risk of exploitation, and provide a more equitable distribution of power within market institutions.

Beyond regulatory enforcement and infrastructure, Igbrude stressed that effective implementation of ISA 2025 requires education, awareness, and collaboration among all market participants.

He said there is need for investors to understand their rights while operators and regulators recognize their responsibilities and consistently demonstrate the competence necessary to uphold the law.

By adopting this holistic approach, Igbrude argued that Nigeria could transform its capital market into a dynamic, transparent, and inclusive system capable of supporting long-term economic growth and positioning the country as a model for financial innovation and governance in Africa and beyond.

Igbrude emphasized that the promise of ISA 2025 will only be realized through deliberate, coordinated action where independent regulation, strategic capacity building, comprehensive infrastructure, and meaningful investor protection converge to create a market that is efficient, fair, and future-ready.