Dipo Olowookere
By Dipo Olowookere
The Investment and Securities Tribunal (IST) is presently handling disputes arising from the Nigerian capital market worth over N370 billion.
This information was made known to newsmen last week in Abuja by Chairman of the tribunal, Mr Isaka Idoko-Akoh.
It was disclosed that these disputes involve investors, operators and stockbroking firms.
In September 2017, Minister of Finance, Mrs Kemi Adeosun, inaugurated the reconstituted tribunal so as to restore investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy.
The 10-man panel was given the mandate to enhance its effectiveness and efficiency in handling the daily rising number of the new cases in the capital market.
Speaking last week during his news conference, Mr Idoko-Akoh said that his team will be speedy in the dispensation of justice, with a view to effectively restore investor confidence to the capital market. He said that his team has taken a firm position not to entertain mischievous and frivolous preliminary objections aimed at delaying matters before it.
“If you are to quantify it in terms of money, as at today, from the number of cases before us, I think over N370 billion is involved, as investors money in these cases between investors and clients or operators, and regulators.
“The way we have started, within a short time, all these matters will be resolved and impact positively on the market,” the Chairman said while briefing the press on the activities of the organization in the first 100 days.
According to Mr Idoko-Akoh, the tribunal would at all time keep to the three-month limit within which every matter before it must be resolved with.
“The law that established this tribunal provides for the resolution of disputes within three months of hearing.
“In ordinary courts, it is not easy to achieve that feat because matters may last for seven to 10 years and may not be resolved because of numerous applications, preliminary objections and all of that.
“In our own case, since the law imposes on us, a period of three months, within which to resolve disputes or matters that come before us, either an appeal from SEC or by way of originating application, we have come up with a policy that once a matter is set for hearing, after all preliminaries have been done with, which is with speed, we will not entertain mischievous or frivolous applications that will drag the hands backward, because if we do so, the matter may go beyond the three months and the law will catch up with us.
“Our strategy is that all the applications that will delay a matter will be contained in the final address of the counsel when the hearing is completed and that will enable us deliver judgment even before the three months.
“For those we have dealt with so far, that was the approach we applied,” the tribunal boss told journalists.
