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The Investment and Securities Tribunal (IST) says it will continue to leverage its success stories in delivering a speedy resolution of investment disputes to restore investors’ confidence in the Nigerian capital market.
Speaking during the opening ceremony of the 2019/2020 legal year of the Tribunal in Lagos, chief executive officer, IST, Siaka Idoko-Akoh, noted that the past years have seen the Tribunal work tirelessly in clearing up cases that were piled up at the period when the tribunal was not constituted.
Speaking during the opening ceremony of the 2019/2020 legal year of the Tribunal in Lagos, chief executive officer, IST, Siaka Idoko-Akoh, noted that the past years have seen the Tribunal work tirelessly in clearing up cases that were piled up at the period when the tribunal was not constituted.
According to him, a total of 54 cases which was hitherto accumulated during the period of inactivity between 2015-2017, have been settled. This excludes over 60 cases that had been filed since the tribunal commenced sitting in October 2017.
He noted also that section 289 subsection 5 of its Act, mandates the Tribunal to dispose of cases pending before it within three months of commencement of the hearing, which seemed enormous. However, the Tribunal under his watch has succeeded in delivering on this mandate as over 70 judgements have been delivered in keenly contested cases across the zones within the statutorily prescribed time of 3 months from the date of commencement of the hearing.
“We make bold to say that over the years, the tribunal has continued through its long line of well thought out judgements and rulings, to evolve a new and unique jurisprudence in the Nigerian capital market,” he said.
He noted also that section 289 subsection 5 of its Act, mandates the Tribunal to dispose of cases pending before it within three months of commencement of the hearing, which seemed enormous. However, the Tribunal under his watch has succeeded in delivering on this mandate as over 70 judgements have been delivered in keenly contested cases across the zones within the statutorily prescribed time of 3 months from the date of commencement of the hearing.
“We make bold to say that over the years, the tribunal has continued through its long line of well thought out judgements and rulings, to evolve a new and unique jurisprudence in the Nigerian capital market,” he said.
Idoko-Akoh, while commenting on the outlook for the tribunal in the 2019/2020 legal year said it has become necessary that the relevance of the IST be not limited to the capital market alone.
He explained that going by the success stories that have been achieved by the Tribunal, ideas have been suggested in some quarters on the need to enlarge the jurisdiction of the investments and securities Tribunal to encompass adjudication of disputes arising from transactions in the financial service sector of the Nigerian economy.
He explained that going by the success stories that have been achieved by the Tribunal, ideas have been suggested in some quarters on the need to enlarge the jurisdiction of the investments and securities Tribunal to encompass adjudication of disputes arising from transactions in the financial service sector of the Nigerian economy.
According to him, this would engender speedy resolution of disputes in the financial services sector, away from the usual delays inherent in the traditional court system with its attendant consequence for economic growth.
On his part, the deputy chairman, House of Representatives, Capital market committee, Anayo Edwin, said the lower chamber of the National Assembly would consider the plea made by the Tribunal to expand its jurisdiction to cover other financial sector related cases.
He urged the Tribunal to continue delivering on its mandate by achieving sustainable growth in the capital market. According to him, sustainable growth of the capital market can only be achieved through the speedy administration of justice.
On his part, the deputy chairman, House of Representatives, Capital market committee, Anayo Edwin, said the lower chamber of the National Assembly would consider the plea made by the Tribunal to expand its jurisdiction to cover other financial sector related cases.
He urged the Tribunal to continue delivering on its mandate by achieving sustainable growth in the capital market. According to him, sustainable growth of the capital market can only be achieved through the speedy administration of justice.
The Investment & Securities Tribunal was established in 2003, under section 224(1) of the Investment Securities Act, 1999, now repealed and replaced by section 274 of the Investment and Securities Act, 2007.
It has the mandate of resolving disputes and controversies in the Nigerian Capital Market expeditiously, taking into account the time value of money.
The Tribunal has 10 members, out of which five are lawyers and the others are seasoned capital market experts. The Tribunal sits in a panel of at least three members and a member presiding as a Chairman of any of the panel shall be a legal practitioner.
The 2019/2020 legal year opening was graced by industry stakeholders from both the private and the public sector who shares insight and assured support to the development of the Nigerian capital market.
It has the mandate of resolving disputes and controversies in the Nigerian Capital Market expeditiously, taking into account the time value of money.
The Tribunal has 10 members, out of which five are lawyers and the others are seasoned capital market experts. The Tribunal sits in a panel of at least three members and a member presiding as a Chairman of any of the panel shall be a legal practitioner.
The 2019/2020 legal year opening was graced by industry stakeholders from both the private and the public sector who shares insight and assured support to the development of the Nigerian capital market.
