Chairman of the Investments and Securities Tribunal (IST), Mr. Amos Azi has disclosed that the tribunal has so far given judgment on over 480 capital market disputes worth over N868 billion.
Azi stated this during a meeting with the Director General of the SEC, Dr. Emomotimi Agama.
Azi stated that in the course of exercising its powers, the Tribunal has not only restored investor confidence in the market but has contributed immensely in the development of capital market jurisprudence by its decisions, and promoted knowledge dissemination and market enlightenment through its law reports.
“Established pursuant to S.274 of the ISA 2007, the Tribunal has given judgements on over 480 cases with monetary value of over N868 billion naira,” he said.
Boost to international recognition
Azi noted that it was noteworthy to state that the creation of the Tribunal gave a boost to the international recognition of the Nigerian capital market.
Azi said the IST was borne out of a need to address two significant pillars of market growth, development and stability which are investor confidence and protection through a specialized dispute resolution system.
He said, “Suffice to say, this one initiative has set the pace for similar regulatory climes all over the world. There is no gain saying, the Tribunal is the bedrock of dispute resolution in the Nigerian Capital market.
You will recall that the existence of the Tribunal was part of the factors considered by the International Organization of Securities Commission (IOSCO) in admitting Nigeria’s SEC as “Appendix A” signatory to its multilateral memorandum of understanding (MMOU) in 2006″ he added.
Investor education
Agama described investor education as an important component of financial literacy in a bid to further develop the capital market.
According to Dr. Agama, “We need to continue constant education in the capital market. The market is knowledge and we are committed to ensuring that information is made available to the investing public.
“The Commission will continue to partner with relevant stakeholders to create more opportunities for learning. We will do more training and sensitisation because it is important we continue to learn”.
The SEC DG stated that the IST is an important organ in the discharge of capital market disputes adding that as more cases are being resolved, the investing public will begin to appreciate more the role of the IST in the capital market.
Agama disclosed that decisions on cases bring about confidence which is needed for the nation to have a fledging capital market
He assured that the SEC is committed to partnering with the IST on the dispensation of justice and growth of the capital market.