To engender speedy resolution of disputes in the financial services sector, the Investments and Securities Tribunal (IST) says it is seeking to enlarge its jurisdiction to encompass adjudication of disputes arising from dealing transactions in the financial servides sector of the Nigerian economy.
This is even as the tribunal revealed that over 70 judgements have been delivered in keenly contested cases across the zones within the statutorily prescribed time of 3 months from the date of commencement of hearing.
Speaking during the 2019/2020 opening legal year of the Tribunal in Lagos, Chief Executive Officer, IST, Siaka Idoko-Akoh, noted that the Tribunal has continued through its long line of well-thought judgements and ruling, to evolve a new and unique jurisprudence in the Nigerian capital market.
Idoko-Akoh further said it hadbecome necessary to ensure that the relevance of the IST is not restricted to the capital market alone.
He said, “Leveraging on the IST success story, the idea has been mooted in some quarters of the need to enlarge the jurisdiction of the IST to encompass adjudication of disputes arising from dealing transactions in the financial services sector of the Nigerian economy.
This will engender speedy resolutions of disputes in the financial services sector , away from the usual delays inherent in our regular traditional court system with its attendant consequence for economic growth”.
Responding, Deputy Chairman, House of Representatives, Capital market committee, Anayo Edwin, said upon the inauguration of the committee by the Honourable speaker , the committee shall consider the tribunal’s request.
“Arising from the chairman’s address, let me say upon the inauguration of the committee by the Honourable speaker , we shall consider your request for the expansion of the tribunal’s jurisdiction to cover other financial sector related casesand for more funding”, he said.
Edwin charged the tribunal to achieve a sustainable growth of the financial sector through a harmonious and investment friendly capital market and added that this can only be attainable through the glaring manifestation of its core values of fairness, integrity , efficiency , professionalism and speedy dispensation of justice.
Earlier in his goodwill message, Registrar/Chief Executive Officer, Institute of Capital Market Registrars, Dr David Ogogo, noted that the IST was set up due to the need to enhance investors’ confidence while urging the tribunal to deliver transparent and fair judgement.
Ogogo said, “The reality on ground is that if there are no disputes, there would be no need to establish organisations like the IST and so things cannot always go smoothly, if there are disputes and they are to be resolved, then of course courage and patience will be required to handle things in the right way
if you are to enhance investors’ confidence or impact positively on it, you must continue render judgement given cognizance to be transparent, accountable, responsible and fairness. It is with this that i charge the IST to continue to be transparent and fair so that all judgements given are seen to be fair”.