Over N370 billion investors’ money are currently trapped in unresolved disputes, says the Investment and Securities Tribunal chairman, Siaka Isaiah Idoko-Akor.
Siaka disclosed this while briefing newsmen on Thursday, at the commemoration of his 100 days in Office in Abuja.
“From the number of cases before us – if we must quantify it – I think it is close to over N370bn of investors’ money that are pending in disputes between clients,operators,regulators and the rests,” he said.
Speaking further on strategies adopted by the tribunal in resolving pending issues, he said “The Law that put the tribunal in place provides for the resolutions of disputes within three months of hearing.In ordinary court, it is not easy to achieve that feat.
“In ordinary court,the matter may go on from 7-10 years. In our own case,the law imposes three months time line in case of resolving the disputes,or matters that come before us,either on appeal from Securities and Exchange Commission,SEC or originating application.”
He also noted that the tribunal have come up with a policy, that once a matter is set for hearing, after its preliminary considerations; there would not be frivolous applications that drags the hearing of the matter backward. This is so that the stipulated three months will not be exceeded.
“All the issue that will delay the matter will be captured in the final address sent to the Council,when the hearing is completed,and this will help in quick dispensation,” he stated.
The chairman also informed that the tribunal is currently pushing for constitutional amendment that would ensure the tribunal exercises power like Court of records which would give it enforcement powers; such as being exercised by various ordinary courts.
According to him,”It would solve a lot of problems,because we will have investment outfits that goes out and do enforcement of matters, instead of going through other courts.
“The Bill has gone through the national assembly,the name Lawmakers have already adopted a name,but the good thing is that it is not going to have effects on the mandate of the Investment Securities Tribunal.
“We met 54 cases on ground at the Securities and investment Tribunal.Out of the 54 cases,we sat on 50 cases.Out of the 50 cases,Abuja has 30 cases,while Lagos, Kano and Enugu account for the remaining cases.
“We also have 6 pending rulings in Abuja, while als having 2 pending rulings in Lagos.Some cases have also been struck our for lacking merit,” he said.
