The Chairman of the Investment and Securities Tribunal (IST), Mr. Amos Azi has disclosed that the Tribunal has so far resolved capital markets disputes valued at N1tn since its inception in 2003
This is just as the Tribunal said that in 2023 alone, it resolved financial disputes valued at over N17bn.
Speaking during a meeting with Members of Finance Correspondents Association of Nigeria(FICAN) in Abuja, Azi also clarified that the mandate of the Tribunal is narrowed to only disputes arising from transactions in the capital market alone.
He said “Since the inception of the Investment and Securities Tribunal (IST) in the year 2003, we have been able to resolve dispute from transactions in the capital market to the tune of almost a trillion and in the last year, we have resolved disputes valued at N17bn,”
He noted that the IST is the only constitutional court that has a time frame to resolve disputes which is within three months unlike other constitutional courts where cases linger for so long.
Speaking further, he noted that “The courts have made tremendous progress especially in the areas of providing judgements on disputes as it has hardly been overturned at the Appellate Court where dissatisfied parties go to appeal,”
Azi added that the Tribunal has built a mechanism to ensure cases can now be filed digitally from anywhere around the world as part of efforts to adapt to technological advancement in line with global best practices.
He added that the Tribunal has commenced virtual hearing since the Covid-19 era in 2020.
In his presentation, the Director, Planning Research and Statistics, Emmanuel Chukwuorji stated that the Tribunal has resolved over 300 cases so far from inception, adding that the establishment of the IST has brought confidence in the capital market
“The IST is a creation of the Capital Markets Committee and what we have done over the years is to improve investor confidence by ensuring that disputes are well vetted before judgements are passed which is why our judgements are hardly overturned at the Appeal court,”
He added that the unlike conventional courts, the Tribunal records every proceeding that happens in the court electronically, not in long hand.
He described the organisation as a foremost organ of government that boosts investor confidence and contributes significantly to the ease of doing business in the country.
The chairman said looking at how the Tribunal has been consistently rated high by the Ethics and Integrity Compliance Score card for Ministries Departments and Agencies (MDAs), “it is definitely a confidence booster for anyone who wants to invest in the Nigerian Capital market.”
The Tribunal boss said the IST has been quietly, but successfully carrying out its mandate of mediating between aggrieved investors in the capital market without anybody mentioning its invaluable contributions to the success of the capital market and the Nigerian economy.
He explained that the opening of more offices of the Tribunal in geopolitical zones across the country, was meant to earn the confidence of investors in the adjudicatory process now existing in the capital market.
He said the aim of the Tribunal was to ensure the rule of law, access to justice and for participants to play by the rules of the market or face sanctions.
Azi solicited the support of FICAN to give the IST better publicity and “tell the general public how the Tribunal ensures that capital market disputes are resolved within 90 days hence the need to approach the Tribunal for faster adjudication on issues of capital markets disputes.”
Responding, Chairman of FICAN, Mr Bassey Udo appreciated the Tribunal for taking a bold step in collaborating with FICAN in it’s image building processes, adding that the Tribunal will not regret the decision but rather have a partner they can be proud of.
He reiterated FICAN’s determination to take the Tribunal to the desired level in terms of publicity.