IST tasks market participants on corporate governance principles
Investment and Securities Tribunal (IST) has stressed the need for listed firms’ and other market participants to operate with high level of corporate governance in order to reduce trade disputes in Nigeria’s capital market.
Addressing stockbrokers during a courtesy visit to the Nigerian Stock Exchange (NSE), in Lagos, on Monday, the Chairman, IST, Isiaka Idoko-Akoh, said company’s adherence to corporate governance standards would also reduce fraudulent activities and other infractions in the market.
Idoko-Akoh assured investors that the Tribunal would do everything within its powers to ensure quick resolution of disputes and cases brought before it to strengthen investor confidence in the bourse.He also affirmed the Tribunal’s commitment to investors’ protection, noting that, it will ensure that no investor losses money in the market.
The Chairman urged investors to embrace the Tribunal in dispute resolutions instead of approaching the court that could take up to 10 years before passing judgement. He, however, stressed the need for awareness creation, public enlightenment and training for market participants to understand the activities of IST, and leverage the Tribunal’s powers for resolution of disputes in their various jurisdictions.
The Doyen of the market, Sam Ndata, urged the Securities and Exchange Commission (SEC), and NSE to make the Tribunal more functional through proper funding of its activities.He pointed out that inappropriate funding would undermine the efficiency of the Tribunal, while urging proper accountability for every fund allocated to them.
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.The Federal Government in September 2017, reconstituted the Tribunal with Idoko-Akoh as the Chairman, Jude Udunni, Nosa Osemwengie, Abubakar Ahmad, Albert Otesile, Emeka Madubuike and Garba Kurfi, among others, as members.
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