Disputes
By Chinyere Joel-Nwokeoma
Lagos, May 7, 2018 (NAN) Mr Isiaka Idoko-Akoh, Chairman, Investment and Securities Tribunal (IST), on Monday urged companies to adhere to the principles of corporate governance to reduce trade disputes in the capital market.
Idoko-Akoh said this while addressing market operators during a courtesy visit to the Nigerian Stock Exchange ( NSE) in Lagos.
He said that adherence to corporate governance by companies would reduce trade disputes and fraud in the market.
Idoko-Akoh assured investors that the tribunal would continue to ensure quick resolution of disputes and cases brought before it to strengthen investor confidence.
According to him, the tribunal will ensure that no investor losses money in the market.
He said that IST was established to adjudicate on matters relating to capital market disputes to ensure quick dispensation of justice.
The chairman urged investors to embrace the tribunal in dispute resolutions instead of going to normal court that could take up to 10 years before passing judgment.
He, however, stressed the need for awareness creation, public enlightenment and training for people to understand the workings of IST.
The chairman said that disputes, when properly handled would increase quantum of business in the market.
Idoko-Akoh also called for good remuneration for the management and staffers of the tribunal for efficient service delivery.
Mr Sam Ndata, Doyen of the market, urged the Securities and Exchange Commission (SEC) and NSE to make the tribunal more functional through proper funding.
Ndata said that lack of funding would undermine the efficiency of the tribunal.
He enjoined the tribunal to be judicious with funds as well as ensure proper accountability of every fund allocated to it.
The Doyen said that members on IST board were men of integrity and expertise, noting that their contributions were of essence.
The News Agency of Nigeria (NAN) reports that IST was established under Section 275 of the Investments and Securities Act (ISA), 2007 as a specialised Court.
It is saddled with statutory responsibilities to adjudicate on matters relating to capital market disputes and ensure quick dispensation of justice.
The tribunal was dissolved in Oct. 2015, in compliance with the Federal Government’s directive on dissolution of Boards of Parastatals, Agencies, Institutions and government-owned Companies.
But the Federal Government, in Sept. 2017, 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. (NAN)
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Edited by Ese E. Ekama