Fred Itua, Abuja
Chairman of the Investment and Securities Tribunal (IST), Siaka Isaiah Akoh, has revealed that over 70 convictions have so far been secured since 2017 when he came on board.
He said the quick access to justice by litigants has boosted the confidence of foreign and local investors in the Nigerian Capital Market.
He stated this at the weekend during a press conference to mark the beginning of a new legal year 2019/2020 and two years anniversary of the fourth Tribunal.
He said: “This has also boosted the people’s confidence in the Capital Market especially the resolution of disputes within a short period of time.”
According to him, in the capital market, time is of essence especially if they are able to pass appropriate judgment early.
“As we know, the Capital Market contributes to the growth of the GDP of any country. You cannot do without it. So we have lived up to expectations within a short period of our inauguration.
“To achieve all these feats, we have had to introduce some new trends. Preliminary applications most times delay cases in the normal Court, but in our own case, we don’t take such motions, that is preliminary application.
“We just note it and address it in our final judgment because if you are to wait for it before ruling on it, it will take a whole lot of time.
“In our case, you put forward all you have and we will address it and the final written address, we will look it up and proceed with the judgment.
“In the normal court, after filing for a written address, they will adjourn for the adoption of written addresses before date for judgment.
“Another innovation is taking proceedings in e-recordings, we have automated transcribers; if you want soft copies of proceedings you’ll get it, we don’t do manual.
“We also have a new trend of taking electronic hearing, e-hearing to give evidence. We will be seeing you and you answering questions from any part of the world where you are.
“You can give your evidence and it will be taken which means a foreigner anywhere he is, is happy that even without his presence or coming down to incur transport or accommodation expenses, his case will be handled.”
He said the present tribunal inherited about 54 cases adding that all have been properly handled in less than one year plus other new ones. According to him, there is no Court that has achieved this feat anywhere in the country.
“Judgments of this Tribunal are well written such that we only have very few appeals that have been filed against this Tribunal.
“Over 70 judgments have been passed within a period of years years of its inauguration. This is a feat no ordinary Court has achieved so far,” he said.