The Investment and Securities Tribunal (IST) on Wednesday assured the investing public that capital market disputes before it would be resolved before first quarter of 2018.
Mallam Garba Kurfi, IST member, said in Lagos the tribunal was working tirelessly to ensure resolution of all outstanding cases by first quarter of 2018.
IST was established under Section 275 of the Investments and Securities Act (ISA), 2007 as a specialised Court with statutory responsibilities to adjudicate on matters relating to capital market disputes and ensure quick 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.
But the Federal Government, in September 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.
The Minister of Finance, Mrs Kemi Adeosun, said the delay in reconstituting the tribunal was to enable the government to carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.
Kurfi said the pending cases worth about N370 billion had been on for two years due to dissolution of the tribunal.He said the tribunal would clear the outstanding cases before considering new ones, noting that IST was working seriously to ensure a lot of cases were trashed.
“Now that IST is back to the drawing board, cases are being heard regularly; investors don’t need to go to regular court for capital market dispute,” Kurfi stated.
He said the tribunal would remain committed to speedy dispensation of justice, to restore investor confidence to the capital market.
Kurfi said the tribunal would at all times keep to the three-month limit within which every matter before it must be resolved.“We are sitting regularly and we are given short notices to fast track the cases before us,” he added.
He said the law establishing the tribunal provided for the resolution of disputes within three months of hearing.
Kurfi stated that IST was not an ordinary court where cases could drag for about 10 years or even beyond without judgement.
He said the composition of IST board was a big advantage that would aid quick resolution of cases, noting that 60 per cent of the members had pre-knowledge of the capital market.
Kurfi stated that the board composition would make decision and passage of cases easier and faster.