The Federal Government of Nigeria 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.
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 circular Ref. No. SGF.19/S:18/XIX/964 dated 16th October, 2015.
The reconstitution and inauguration of 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.
Other members 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 of Finance, Mrs Kemi Adeosun 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.
She 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.
Speaking earlier, the Director of Home Finance Department in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola emphasized the importance of the Tribunal in government’s desire to take the capital market to higher heights. She expressed optimism that the caliber of people selected into the Tribunal will ensure that the task before the tribunal will be effectively handled.
In his response, the Chairman of the Tribunal, Mr. Siaka Isaiah Idoko, appreciated the Federal Government for finding them worthy to be appointed into the Tribunal. He said the members will work tirelessly to justify the confidence reposed on them and reposition the capital market.
The Investment and Securities Tribunal (IST) was established under Section 275 of the Investments and Securities Act (ISA), 2007 as a specialized Court with statutory responsibilities to adjudicate on matters relating to capital market disputes and ensure quick dispensation of justice.