The Nigerian government said on Tuesday that the reconstitution of the Investment and Securities Tribunal, IST was a practical step to sanitise the capital market, restore investors’ confidence and reposition the country’s economy.
The Minister of Finance, Kemi Adeosun, said the delay in reconstituting the tribunal was so that the government could carefully overhaul the system and ensure only credible, competent and experienced people were brought into effect the desired change.
Mrs. Adeosun said the tribunal would work to restore the confidence of both the capital market operators and the investing public, which may have been affected by the delay in the dispensation of justice in the period the tribunal not reconstituted.
“The Alternative Dispute Resolution, ADR, window is going to be rejuvenated to dispel fears and threats from both Capital Market operators and the investing public on issues requiring declaratory orders by the Tribunal,” the minister said.
She said the former chairman and members of the Tribunal were faced with various challenges due to lack of corporate governance, mistrust and cordial working relationship.
The minister urged the new Tribunal to ensure the harmonious working relationship with its members, management and staff to move forward seamlessly.
“The onus lies on the chairman and all the members to ensure that the IST effectively executes its adjudicatory functions in line with government’s economic drive to improve the Capital Market, attract international investors and generate revenue for the country,” she said.
Earlier, the Director, Home Finance Department in the Federal Ministry of Finance, Olubunmi Siyanbola, underscored the importance of the Tribunal in government’s plan to take the capital market to higher heights.
She expressed optimism that the calibre of people selected into the Tribunal would ensure the task before the tribunal was effectively handled.
The Chairman of the Tribunal, Siaka Idoko, thanked the federal government for the confidence reposed in them through their appointment, assuring that members would work to reposition the capital market.
The IST was established under Section 275 of the Investments and Securities Act, ISA, 2007 as a specialized court with statutory responsibilities to adjudicate on matters relating to capital market disputes and ensure quick dispensation of justice.
The Tribunal was dissolved in compliance with the Federal Government’s directive conveyed in circular No.SGF.19/S:18/XIX/964 of October 16, 2015 on the dissolution of Boards of parastatals, agencies, institutions and government-owned companies.
Its reconstitution and inauguration was expected to enhance its effectiveness and efficiency in handling the rising number of the new cases in the Capital Market.
The new 10-member tribunal, which has Siaka Idoko as Chairman, was inaugurated on Tuesday by the Minister of Finance, Kemi Adeosun.
Other members include Jude Udunni, Nosa Osemwengie, Abubakar Ahmad, Albert Otesile, Emeka Madubuike , Kasumi Kurfi, Edward Ajayi , Onyemaechi Elujekor, and Mamman Zargana.