IST Resolves N17bn Investment Cases In One Year

• Settles 300 cases worth about N1trn from 2003 to date

BY COBHAM NSA – Focused on confidence building in the Nigerian capital market, the Investment and Securities Tribunal (IST) said cases valued at about N17 billion were successfully resolved through its intervention in the last one year.

Overall, about 300 cases worth almost N1 trillion have witnessed conclusive settlement since the Tribunal’s inception in 2003 as a critical part of the Capital Market Ecosystem that seeks to make Nigeria an investment destination of choice in Africa.

According to the IST Chairman, Amos Azi, the adjudicated cases relate to investment disputes involving various stakeholders and investors in the market

Azi explained that the Tribunal has laid a strong foundation for the capital market, its operators and relevant stakeholders to lean on and effectively discharge their mandate.

The IST boss, who spoke at an interactive session with members of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, said obvious challenges notwithstanding; “The tribunal has not let anybody down; it has broken new grounds in line with global best practices and the stock market has also taken a queue to fashion its guidelines”. 

He stated that the Tribunal’s prompt dispensation of justice and effective mediation activities in has no doubt engendered investors’ confidence in the Nigerian market as one of the preferred investment destinations in the continent.

Azi further said IST has worked hard in checking some of the high-handedness and excesses exhibited by the Securities and Exchange Commission (SEC) as the regulator, adding that the development has helped to enhance good transactional experience and create an enabling environment for investors to thrive in the nation’s capital market.

The IST Chairman said engaging with FICAN members is part of the Tribunal’s conscious efforts to create awareness about its activities while reaching out to potential investors and stakeholders with the assurance that their investments are safe and secured.

In his presentation at the forum, the director in charge of Planning, Research and Statistics, Mr Emmanuel Chukwuorji said the Tribunal has not only sanitised the Nigerian capital market, but also enabled transactions for the socio-economic growth and development.

He said the national economy has practically benefitted from the Tribunal’s activities over the years, noting that the Market has positively responded to the statements arising from its interventions and decisions whereby issues that distort stakeholders’ operations, such as Ponzi schemes, are constantly addressed to the satisfaction of all concern.

On his part, the FICAN Chairman, Bassey Udo assured the IST Chairman and his management team of the Association’s support at all times, especially in relation to creating awareness and enlightening the investing public on the Tribunal’s activities.

In commending IST’s impressive track in effective service delivery, Udo urged the Tribunal not to relent in its efforts at continuously boosting confidence in the nation’s capital market

As as independent specialized judicial body established under Section 274 of the Investment and Securities Act (ISA) 2007 to adjudicate on capital market disputes and interpret any law, rules or regulations as may be applicable, the IST makes provision for Alternative Dispute Resolution (ADR).

This is a structured process that dedicate more time and attention to create a voluntary and durable agreement tailored to meet the needs of the particular parties.

Besides handling litigations, the Tribunal also serves as an ombudsman that provides help desk services to litigants, counsel, and the general public.

Here, inquiries and complaints can easily be handled through letters, emails, phone calls, and walk-in visits as the case may be.