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The Honourable Chairman / Chief Executive Officer of Investments and Securities Tribunal (IST) Siaka Isaiah Idoko Akoh, has called for adequate funding of the tribunal. He disclosed this Monday May 7, 2018, on the floor of Nigerian Stock Exchange (NSE) in Lagos, when he led members of the tribunal on a courtesy visit to the management of NSE.
Idoko-Akoh who had the privilege of closing the market by sounding the Gong, said the tribunal has continued to grapple with the challenge of funding, which has implication for, capacity building for members and staff, provision of needed infrastructures, awareness creation for the market and functions and competitive remuneration for members and staff.
In the last quarter according to him a total of 19 new cases was filed, 13 judgments delivered, 4 consent judgment, 7 pending judgments, 15 cases were struck out, 2 cases adjourned sine die and 21 cases pending. He explained that from few of the decisions and judgments that have been taken establishes a unique jurisprudence for the Nigerian capital market.
He pointed out that the tribunal took immediate steps to collates and codify its judgments into the Nigerian Investments and Securities Law Reports (NISLR) which has so far been published in seven volumes making it possible to establish the case laws on the acceptable operational and legal frameworks of the Nigerian capital market.
On his part the Doyen of the day Sam Ndata of Compass Securities Limited, while commending the IST urged stakeholders in the market to support the tribunal; while he appealed that there should be prudent use of resources for the growth of the market.
The IST is a specialized, fast track court dedicated for dispute resolution in the capital market. it was created pursuant to section 274 of the Investment and Securities Act 2007 for the efficient operation of the market and promotion of investors’ confidence.
Photo Caption: From Left: Tinuade Awe, Executive Director, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Mr. Siaka Isaiah Idoko-Akoh Esq, Chairman/CEO of Investment & Securities Tribunal (IST) during a courtesy visit to the Exchange and Closing Gong Ceremony on Monday, May 7th 2018 at the Exchange in Lagos.
