FG committed to protecting capital market investment — Finance Minister

Despite the volatility of the Nigerian economy, the Federal Government has assured investors and key players of the protection of their investments in the capital market.

Minister of Finance and Coordinating Minister of Economy, Chief Adebayo Edun, gave the assurance on Wednesday during a Hybrid Sensitisation Seminar on Investments and Securities Tribunal (IST) held in Kano.

The minister noted the critical role of the capital market in the mobilisation of resources for social infrastructure and economic development, positing the commitment of the present administration to strengthen investors’ confidence.

Mr. Edun explained that investors had no cause to despair over unresolved disputes on their stocks with the presence of the Investments and Securities Tribunal established to stabilise and ensure a conducive investment environment.

The minister, who joined the workshop virtually, stressed President Bola Tinubu’s administration’s commitment to making judicious use of the capital market to strengthen investment opportunities and to building infrastructure growth.

Chairman of the Investments and Securities Tribunal (IST), Amos Azi, explained that the establishment of the tribunal was intended to fast-track dispute resolution between investors, regulators, and stock players.

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Azi added that the need to provide speedy dispensing of justice and security on investments in the stock exchange ecosystem has entrusted IST by law to hear and determine any conflict brought before it within 90 days.

Azi, who doubles as Chief Justice of the Investments Tribunal, reminded attendees of the Supreme Court decision that reserved IST the exclusive jurisdiction and powers to hear and determine disputes on the capital market.

He appealed to high court judges not to hesitate to refer matters concerning investments and securities brought before them to IST for speedy hearing.

Azi said, “The workshop was organised to sensitise judicial officers on the critical role of IST and why they should timely refer cases that have to do with the capital market and stock exchange to IST.

“IST is established to protect investments and restore investors’ confidence in any case of dispute either between them and the regulator or the stockbrokers. While the tribunal ensures investors’ returns, it also gives the regulator, that is, the Securities and Exchange Commission (SEC), powers to take drastic action against defaulters of laws,” Azi added.

In separate remarks, the Chief Justices of Kano and Jigawa states opined that the decision of the Supreme Court on the exclusive jurisdiction of IST on matters relating to the capital market has further widened the body of jurisprudence in Nigeria.