The federal government has reconstituted the Investment and Securities Tribunal (IST) as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy, a statement from the Ministry of Finance has said.
The Tribunal was established under Section 275 of the Investments and Securities Act as a specialized Court with statutory responsibilities to adjudicate on matters relating to capital market disputes and ensure quick dispensation of justice.
It could be recalled that the Investment and Securities Tribunal was dissolved in compliance with the Federal Government’s directive on dissolution of Boards of Parastatals, Agencies, Institutions and Government owned Companies conveyed in October, 2015.
The statement which was signed by Patricia Deworitshe, Deputy Director of Press in the ministry said the reconstitution and inauguration of the Investment and Securities Tribunal (IST) is expected to enhance its effectiveness and efficiency in handling the daily rising number of the new cases in the Capital Market.
The reconstituted ten-man Investment and Securities Tribunal (IST), which has Siaka Isaiah Idoko as the Chairman, was inaugurated on Tuesday by the Minister of Finance, Mrs. Kemi Adeosun. Others are Jude I. Udunni, Mr. Nosa Osemwengie, Abubakar A. Ahmad, Albert L. Otesile, Emeka Madubuike, Kasumi Garba Kurfi, Edward O. Ajayi, Onyemaechi E. M. Elujekor, Mamman Bukar Zargana.
Speaking at the inauguration, the Minister said the delay in reconstituting the Tribunal was to enable the Government carefully overhaul the system and ensure that credible, competent and experienced people are brought in to effect the desired change.
Mrs. Adeosun expressed confidence that the Tribunal would work assiduously to restore the confidence of the capital Market Operators and investing public which may have been dampened by the delay in dispensation of justice during the absence of the Tribunal.
“The Alternative Dispute Resolution (ADR) window is going to be rejuvenated to dispel fears and threats from both Capital Market operators and the investing public on issues that require declaratory orders by the Tribunal”, she said.
The Minister recalled that the former Chairman and members of the Tribunal were faced with the various challenges due to lack of corporate governance, mistrust and lack of cordial working relationship. She charged the new Tribunal to ensure harmonious and symbiotic working relationship with the members, management and staff in order to move the Tribunal forward seamlessly.
“The onus lies on the Chairman and all the Members to ensure that the IST effectively executes its adjudicatory functions in line with Government’s economic drive to improve the Capital Market attract international investors and generate revenue for the country,” she said.
Chairman of the Tribunal, Mr. Siaka Isaiah Idoko, thanked the Federal Government for finding them worthy to be appointed into the Tribunal. He pledged that members will work tirelessly to justify the confidence reposed on them and reposition the country’s capital market.