Investment Tribunal Resolves Capital Market Disputes On N844bn Assets

From 2003 to date, the Investment and Securities Tribunal has given judgement in the value of assets of over N844bn during the adjudication of capital market related disputes.

Also, from 2017 to date, the Tribunal has also given judgements in monetary value of over N24bn.

The Tribunal was established as a critical infrastructure in the ecosystem of the Nigerian capital market and Nigeria as a whole.

The Chairman of the IST, Barrister Azi Amos Isaac said these
during their swearing-in in Abuja by the Minister of Finance, Mrs Zainab Ahmed.

He was sworn in along with Barrister Nosa Smart Osemwengie, as a member of the IST.

Azi described the appointment as a challenging one, but however assured that the new management would take up the challenge and ensure that Nigerians are not disappointed.

According to him, “The Tribunal was established as a critical infrastructure in the ecosystem of the Nigerian capital market and indeed Nigeria as a whole.

“From 2003 to date, they have given judgement in the value of assets of over N844bn and from 2017 to date they have given decisions in monetary value of over N24bn.

“The Tribunal has not failed in its statutory responsibility, it has carried out its assignment with candor and integrity and I will improve on that.

“The issue of administrative and labour related issues we are already working to address that. I am happy to report that we have so far made very meaningful progress.”

Azi said the Tribunal is equipped and properly situated to look into all financial issues in the country and expressed the hope that it can be transformed so that it can look at all issues arising from the entire financial sector.

Earlier, Ahmed urged the Chairman and members of the Tribunal to diligently work together to discharge the responsibilities.

Ahmed said “With your appointment, the Tribunal now has a full complement of ten members in line with the enabling law, the Investments and Securities Act (ISA), 2007.

“It is, therefore, my hope that all the members will justify the confidence reposed in them by President Muhammadu Buhari.” 

While congratulating them for being found worthy by the President to be appointed to the highly exalted positions, the Minister also said their appointments come at a time when all hands are needed to build the economy.

She said, “As you all may be aware, the IST was first inaugurated in December, 2002. It is a specialised fast-track court, established for the settlement of disputes in the capital market.”

Ahmed noted that since the establishment of the Tribunal, it has made some strides, particularly in its adjudicatory role which has gone a long way to sanitize the capital market and build investors’ confidence.

Within the short time of its existence, in view of the dynamism in law, she said the Tribunal has reviewed its Procedure Rules with the publication of the IST (Procedure) Rules 2014.

Also, the Tribunal has entered into collaboration with the Securities and Exchange Commission to review the enabling law with the enactment of the ISA, 2007. 

Recalling the challenges that affected the Tribunal in the past, the Minister said, “Notwithstanding these commendable achievements, the Tribunal has in the last five years suffered many setbacks due largely to poor administration.

“These setbacks have blurred, if not completely wiped out, whatever modest achievements the Tribunal might have recorded in its adjudicatory role.

“We may recall that in November, 2015, the Tribunal was dissolved and the Chairman and its members relieved of their jobs. A new panel of the Tribunal, which includes many of the members here seated, was inaugurated in 2017.” 

“Again, barely two years into your tenure, the chairman of the Tribunal was removed. The problems with the tribunal had been infighting amongst members, lack of industrial harmony and a series of complaints bordering on mal-administration.

“These have been the bane of the tribunal and source of embarrassment, not only to the ministry but the federal government.”

In view of the challenges, Ahmed, highlighting the chairman’s responsibility, urged him to provide good leadership that would galvanise the human and material resources at the Tribunal’s disposal on the path of stability towards achieving its mandate in a consistent manner.

“I call on all members of the IST to cooperate with the new chairman, so that the vision of the tribunal which is ‘to be a world class capital market tribunal that is fair and transparent, dispensing justice without fear or favour,’ could be attained,” she added.