Chairman of Investment and Securities Tribunal (IST), Isaiah Idoko-Akoh
Investment and Securities Tribunal (IST) has harassed the necessity for listed corporations’ and different market participants to function with excessive stage of corporate governance as a way to scale back commerce disputes in Nigeria’s capital market.
Addressing stockbrokers throughout a courtesy go to to the Nigerian Stock Exchange (NSE), in Lagos, on Monday, the Chairman, IST, Isiaka Idoko-Akoh, mentioned firm’s adherence to corporate governance requirements would additionally scale back fraudulent actions and different infractions within the market.
Idoko-Akoh assured buyers that the Tribunal would do every part inside its powers to make sure fast decision of disputes and circumstances introduced earlier than it to strengthen investor confidence within the bourse.He additionally affirmed the Tribunal’s dedication to buyers’ safety, noting that, it'll be certain that no investor losses cash within the market.
The Chairman urged buyers to embrace the Tribunal in dispute resolutions as a substitute of approaching the court docket that would take as much as 10 years earlier than passing judgement. He, nevertheless, harassed the necessity for consciousness creation, public enlightenment and coaching for market participants to grasp the actions of IST, and leverage the Tribunal’s powers for decision of disputes of their numerous jurisdictions.
The Doyen of the market, Sam Ndata, urged the Securities and Exchange Commission (SEC), and NSE to make the Tribunal extra purposeful via correct funding of its actions.He identified that inappropriate funding would undermine the effectivity of the Tribunal, whereas urging correct accountability for each fund allotted to them.
IST was established beneath Section 275 of the Investments and Securities Act (ISA) 2007, as a specialised Court with statutory obligations to adjudicate on issues regarding capital market disputes and guarantee fast dispensation of justice.
The Tribunal was dissolved in October 2015, in compliance with the Federal Government’s directive on dissolution of Boards of Parastatals, Agencies, Institutions and government-owned Companies.The Federal Government in September 2017, reconstituted the Tribunal with Idoko-Akoh because the Chairman, Jude Udunni, Nosa Osemwengie, Abubakar Ahmad, Albert Otesile, Emeka Madubuike and Garba Kurfi, amongst others, as members.