From Uche Usim and Nsisong Morgan, Abuja
The Minister of Finance, Mrs. Kemi Adeosun Tuesday inaugurated the fourth Investments and Securities Tribunal (IST) to enhance effectiveness and efficiency in handling the rising number of the new cases of operational misconduct in the capital market.
The 10-man team has Siaka Idoko as the Chairman.
Speaking at the inauguration in Abuja, the minister said the tribunal will iron out operational challenges in the market by ensuring cases are handled effectively and efficiently.
She lamented the lack of cordial working relationship in the past administrations of IST, assuring the current composition would do a good job.
She described the IST as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy.
She noted that the Investment and Securities Tribunal was dissolved in compliance with the federal government’s directive on dissolution of Boards of Parastatals, Agencies, Institutions and Government owned Companies conveyed in circular Ref. No.SGF.19/S:18/XIX/964 dated 16thOctober, 2015.
“The reconstitution and inauguration of the Investment and Securities Tribunal (IST) is expected to enhance its effectiveness and efficiency in handling the daily rising number of the new cases in the Capital Market.
Adeosun said the delay in reconstituting the tribunal was to enable the government carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.
“The Alternative Dispute Resolution (ADR) window is going to be rejuvenated to dispel fears and threats from both Capital Market operators and the investing public on issues that require declaratory orders by the Tribunal,” she said.
The Minister recalled that the former chairman and members of the Tribunal were faced with the various challenges due to lack of corporate governance, mistrust and lack of cordial working relationship. She charged the new Tribunal to ensure harmonious and symbiotic working relationship with the members, management and staff in order to move the Tribunal forward seamlessly.
“The onus lies on the Chairman and all the members to ensure that the IST effectively executes its adjudicatory functions in line with Government’s economic drive to improve the Capital Market attract international investors and generate revenue for the country”, she said.