Business a.m.
The Investment and Securities Tribunal (IST), said it has resolved not less than 300 disputes, worth N1 trillion, since its inception in 2003.
Amos Isaac Azi, the chairman of the IST, disclosed the tribunal’s impressive record in a presentation made available Business a.m., highlighting the crucial role it has played in fostering stability and confidence in Nigeria’s capital markets.
“Since the inception of the Investment and Securities Tribunal (IST) in the year 2003, we have been able to resolve disputes from transactions in the capital market to the tune of almost a trillion, and in the last year, we have resolved disputes valued at N17 billion,” he stated.
In his assessment of the IST’s success, Azi noted that it is a unique judicial body with a strict three-month deadline for dispute resolution, setting it apart from other constitutional courts where cases can languish without an immediate resolution.
Azi also noted that the IST’s judgments on capital market disputes are rarely overturned at the appellate court, a testament to the quality and thoroughness of its adjudication process.
Highlighting the IST’s commitment to keeping pace with technological advancements, the chairman outlined the tribunal’s efforts to modernise and enhance its dispute resolution process.
Azi also indicated the recent introduction of a mechanism for digital filing of cases from anywhere in the world, enabling more efficient and convenient access to justice for capital market participants. In addition, he underscored the tribunal’s adoption of virtual hearings, a shift that was actualised by the COVID-19 pandemic in 2020, which helped to maintain the steady resolution of disputes despite the disruptions caused by the global health crisis.
Azi drew attention to the high ratings awarded to the tribunal by the ethics and integrity compliance scorecard for Ministries Departments and Agencies (MDAs), emphasising the tribunal’s commitment to ethical and transparent practices. He noted that the tribunal’s excellent performance is definitely a confidence booster for those considering investing in the Nigerian capital market.
Emmanuel Chukwuorji, the director of planning, research and statistics at the Investment and Securities Tribunal, also spoke on the tribunal’s achievements.
In his presentation, Chukwuorji confirmed that the IST has successfully resolved more than 300 cases since its inception, an indication that the tribunal has played a significant role in instilling trust and confidence in the country’s capital market.
“The IST is a creation of the Capital Markets Committee, and what we have done over the years is to improve investor’s confidence by ensuring that disputes are well vetted before judgments are passed, which is why our judgments are hardly overturned at the Appeal court,” he said.
In his description of the tribunal, Chukwuorji praised the tribunal as a vital institution in the Nigerian government, playing a crucial role in both boosting investor confidence and facilitating an improved ease of doing business in the country.
