Aa part of efforts to ensure speedy resolution of financial market disputes in Nieria, the Investment and Securities Tribunal (IST) has called for expansion of its jurisdictions beyond the capital market.
The Chief Executive Officer of IST, Mr Siaka Idoko-Akoh, made the call at the opening of the tribunal’s 2019/2020 legal year in Lagos.
Idoko-Akoh said that it had become necessary to ensure that the relevance of the body was not limited to the capital market.
He said that expansion of IST jurisdictions would engender speedy resolution of disputes in the financial services sector, away from delays inherent in the regular court system with its attendant consequence for economic growth.
According to him, the tribunal’s panel comprises of persons of proven ability and expertise in corporate and capital market matters and experienced in securities and investments laws, practices, operations and procedures.
“We make bold to say that over the years, the tribunal has continued through its long line of well thought out judgments and rulings, to evolve a new and unique jurisprudence in the Nigeria capital market.
“It has become necessary however, to ensure that the relevance of the IST is not limited to the capital market alone.
“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 dealings or transactions in the financial services sector of the Nigerian economy,” he said.
Idoko-Akoh added that over 70 judgements had been delivered in keenly contested cases across the zones within the statutorily prescribed time of three months from the date of commencement of hearing.
“This is exclusive of cases either struck out, withdrawn or resolved through our court settlement process, while about 24 cases are on-going,” he stated.
The Deputy Chairman of the House of Representatives Capital Market Committee, Mr Anayo Edwin, urged the tribunal to achieve sustainable growth of the financial sector through a harmonious and investment friendly capital market.