Tribunal to Hear Urgent Capital Market Disputes from May 27

capital market disputes

By Modupe Gbadeyanka

Acting Chairman of the Investments and Securities Tribunal (IST), Mr Jude Udunni, has said from Wednesday, May 27, 2020, the tribunal will only attend to urgent capital market disputes.

Mr Udunni made this disclosure in a statement issued on Monday by the Corporate Affairs Department of the panel established by law to hear and resolve rows from the country’s capital market.

He said the court sittings will be physical and not virtual, with the guidelines issued by the National Judicial Council for resumption of court sittings under COVID-19 strictly adhered to.

He has directed all relevant departments to ensure that all COVID-19 protocols stipulated by the Nigeria Centre for Disease Control, the NJC and the Office of the Head of Civil Service of the Federation were obeyed.

The Chairman said only lead counsels of the plaintiffs and defendants would be allowed in court to ensure that two-metre social distancing rule is strictly observed.

“The sittings will deal only with urgent matters that will not require the testimonies of witnesses,” the statement stressed.

“No person(s) will be admitted to the tribunal’s premises without a face mask and body temperature gauged.

“Hand sanitisers and mechanical hand washing machines have been placed strategically within the premises of the tribunal,” the statement from the tribunal further noted.

It was stated that the first case to be entertained tomorrow is on a ruling in the matter between Bamidele Olaniyan against Partnership Investment Limited and three others.

According to the tribunal, the decision to resume sittings on Wednesday reached when the tribunal Chairman held a meeting with the management staff.

Mr Udunni stated at the meeting that it had become imperative for the tribunal to resume court sittings in order to meet up with its mandate as a fast-track court, with the responsibility to resolve capital market disputes in a timely manner.

Recall that the IST had earlier resumed work on May 4, following the directive that officers on grade levels 14 to 17 should return to work.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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