By Dipo Olowookere
A member of the Investments and Securities Tribunal (IST), Mr Garba Kurfi, has assured investors that all the capital market cases inherited by the tribunal in September 2017, when it was reconstituted by the Federal Government, would be resolved before the end of this year.
Speaking with the News Agency of Nigeria (NAN) in Lagos recently, Mr Kurfi said at the moment, the IST has resolved 30 percent of the about 70 capital market disputes it inherited last year.
He said the remaining matters worth about N370 billion would be given adequate attention and ensure quick dispensation of justice.
“I must assure investors that before the end of 2018, none of the inherited cases will be pending, except when an investor challenges our judgment,” he said.
“We don’t drag or prolong cases. Hearing and judgment of cases must be concluded within 90 days.
“People are seeing the outcome of cases handled so far and they are developing more confidence,” the IST member disclosed.
According to him, the law establishing the tribunal provided for the resolution of disputes within three months of hearing.
He explained that the tribunal was leveraging on the board composition to settle cases within 90 days, noting that 60 percent of the members had pre-knowledge of the capital market.
“This is one of the tribunals that kept to its time, cases are treated as they come and judgment given within stipulated period,” Mr Kurfi added.
Business Post gathered that some of the pending cases had been on for two years due to the dissolution of the tribunal in 2015.
Recall that in October 2015, nearly five months after this present administration of President Muhammadu Buhari assumed office, he announced the dissolution of the tribunal.
But last year, Federal Government reconstituted the tribunal with Mr Isaka Idoko-Akoh as the Chairman, Jude Udunni, Mr Nosa Osemwengie, Abubakar Ahmad, Albert Otesile, Emeka Madubuike and Garba Kurfi, among others, as members.
The IST was established under Section 275 of the Investments and Securities Act (ISA) 2007. The tribunal is a specialised court with statutory responsibility to adjudicate on matters relating to capital market disputes and ensure quick dispensation of justice.
