BY COBHAM NSA – The Investments and Securities Tribunal (IST) says Market Disputes worth about trillion Naira have been successfully resolved from the Tribunal’s inception till date.
The IST Chairman, Hon Aminu Junaidu, disclosed the impressive figure while hosting a delegation of the Ethiopian Capital Market Authority (ECMA) that was in Nigeria to understudy the Tribunal’s operations with the intention of replicating the same in the Horn of Africa nation.
Hon Junaidu told the august visitors that Nigeria’s experience demonstrates a well-structured Tribunal can serve as a cornerstone for Capital Market development by ensuring justice is accessible to investors and corporate entities.
He also said for emerging and developing markets such as those across the African continent, the IST offers a useful model that demonstrates the value of specialized dispute resolution mechanisms, ethical standards and good corporate governance.
According to him, these mechanisms emphasized the importance of integrating legal and financial expertise with the need for efficient processes that inspire investor trust, adding that the Tribunal is also technologically driven and ensures matters can be heard online.
The IST boss also explained that the Tribunal’s Alternative Dispute Resolution (ADR) centre offers a window that handles small claims through mediation and primarily provides faster, more cost-effective, and confidential resolution methods in the capital market.
Furthermore, he said that the Tribunal is empowered to resolve matters within 90 days of the hearing, noting that this accelerated timeline significantly reduces the time and expense of litigation, preventing the prolonged legal battles that often characterize traditional courts.
Hon Junaidu said besides fostering a robust and fair investment environment, the 90-day limit not only boosts market confidence but also provides a safe and reliable environment for investors, while ensuring vital financial resources crucial for market efficiency are not unduly tied up for long periods
In his remarks at the occasion, a member of the Tribunal, Hon Felix Onwuneme urged the Ethiopian Capital Market Authority to ensure documents are front loaded, noting that the arrangement speeds up litigation, prevents surprises, and encourages early case assessment.
He explained that front-loading documents is a legal procedure that allows a litigant to put his or her argument in writing and approach the Tribunal to file or submit all supporting evidence, witness statements, and relevant documents simultaneously with the initial court process to adopt them before the court which saves a lot of time.
On her part, leader of the delegation and Deputy Director General of the Ethiopian Capital Market Authority, Renege Rahel Kassa said their visit to Nigeria was because the country has extensive experience in capital market development.
She also noted that the IST has experience in disposing of cases in a timely manner while contributing to the peace and justice in the market system while at the same time upholding the standards of the market in terms of strict regulation, ethical conduct codes, and proactive enforcement against market abuse.
Highlights of the visit included an interactive session where the Ethiopian delegation asked questions ranging from the Tribunal’s composition, rules of procedure to issues around regulatory oversight and enforcement, as well as investor protection and global best practices.
