IST Drives Confidence In Nigerian Capital Market – Azi
BY BLESSING NKEREUWEM – The Chairman of the Investments and Securities Tribunal (IST), Amos Azi has described the Tribunal as one of the top-tier organisations contributing significantly to the ease of doing business in Nigeria.
Azi said given its consistently high rating by the Ethics and Integrity Compliance Score Card for Ministries Departments and Agencies (MDAs), the Tribunal remains a confidence booster for those seeking to invest in the Nigerian Capital market gainfully
His comments come against the backdrop of the Tribunal’s positive rating that moved from 46 percent in 2021 to 69.25 percent and 69.80 percent in 2022 and 2023 respectively, even as he noted that the importance of IST cannot be overemphasized considering its efforts in boosting investors’ confidence to actively put money into the Nigerian economy
Speaking when the Executive Committee members of the Finance Correspondents Association of Nigeria (FICAN) visited him in Abuja, Azi however said despite its success story in handling mediation among aggrieved investors in the capital market, stakeholders and the public are yet to fully appreciate the Tribunal’s robust engagement and contributions to the Market’s success in particular and the Nigerian economy in general.
“Any serious investor who wants to invest in the Nigerian Capital Market, or indeed the Nigerian economy generally, will first of all look at how he would be able to recover his investment if, for any reason, such investment runs into problems. It is the IST that will look at the issues involved such as; Was there any investment? Was the investor entitled to benefits? Why did he not get his benefits? These issues are looked at and resolved fairly and equitably within 90 days based on the facts, and to the satisfaction of all parties involved”, the IST boss said
Accordingly, he urged FICAN to deploy the goodwill of its members in selling the IST and creating public awareness about the Tribunal’s capacity to ensure capital market disputes are resolved speedily and within 90 days.
For him, it is important to educate all players in the sector to explore existing opportunities and always approach the Tribunal for faster adjudication and resolution of issues around capital markets disputes.
In his remarks, the Chairman of FICAN, Bassey Udo said as critical stakeholders, the Association members are ready to cooperate and support the IST in ensuring the public is kept abreast of its activities and contributions to growing the Nigerian economy sustainably.
Bassey, who said the visit was part of efforts to renew FICAN’s partnership with key agencies in the business and finance sectors of the economy, urged IST to embrace the opportunity of collaborating with the Association for effective service and mandate delivery going forward.
FICAN is an umbrella body of journalists covering the business and financial sectors of the nation’s economy.
