•Gives reasons for frequent sacking of IST boards
Uche Usim, Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, Thursday, inaugurated the constituted board of Investments and Securities Tribunal (IST), Mr Azi Amos Isaac, as Chairman and Mr Nosa Smart Osemwengie re-appointed for a second term of four years as member of the IST.
Speaking at the event, the Minister charged the Chairman to provide good leadership that would galvanise the human and material resources at the tribunal’s disposal on the path of stability towards achieving its mandate in a consistent manner.
She also called on all members of the IST to cooperate with the new Chairman, so that the vision of the tribunal which is ‘to be a world class capital market tribunal that is fair and transparent, dispensing justice without fear or favour,’ could be attained.
She added: “With your appointment, the tribunal now has a full complement of 10 members in line with the enabling law, the Investments and Securities Act (ISA), 2007. It is therefore, my hope that all the members will justify the confidence reposed in them by President Muhammadu Buhari by diligently working together to discharge the responsibilities of the tribunal.”
She noted that the coming of the board was well-timed as it came at a time when all hands are needed to build the economy. ”According to Ahmed, the need for the tribunal became apparent because of the time- sensitive nature of capital market transactions which the regular courts could not cope with. “The Tribunal is fashioned after world class tribunals like the Financial Services and Market Tribunal (FSMT) of the United Kingdom (UK) and the Market Misconduct Tribunal of Hong Kong.
Meanwhile, the Minister has given reasons for the incessant sacking of the Investment and Securities Tribunal (IST) members, which has become sources of embarrassment to the country. She listed infighting among members, lack of industrial harmony and series of complaints bordering on maladministration as other challenges plaguing the tribunal which necessitate government’s intervention. Ahmed lamented that “this has been the bane of the tribunal and a source of embarrassment not only to the Ministry of Finance, but to the government in general”. As a result of the squabbles, the finance minister said “the tribunal has in the last five years suffered many setbacks due largely to poor administration. setbacks have blurred if not completely wiped out the modest achievements that the tribunal has recorded”.