Finance Minister inaugurates Investments and Securities Tribunal

The Minister of Finance, Mrs. Kemi Adeosun has inaugurated the fourth Investments and Securities Tribunal (IST) to enhance effectiveness and efficiency in handling the rising number of the new cases of operational misconduct in the nation’s capital market.
The 10-man team tribunal which was inaugurated in Abuja on Tuesday has Siaka Idoko‎ as the Chairman.
The minister said at the inauguration of the tribunal that it will be responsible for ironing out operational challenges in the market by ensuring cases are handled effectively and efficiently.
Adeosun lamented the lack of cordial working relationship in the past administrations of IST, assuring the current composition would do a good job adding that the IST is a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy.
She noted that the Investment and Securities Tribunal was dissolved in compliance with the federal Government’s directive on dissolution of Boards of Parastatals, Agencies, Institutions and Government owned Companies conveyed in circular Ref. No.SGF.19/S:18/XIX/964 dated 16th October, 2015.
“The reconstitution and inauguration of the Investment and Securities Tribunal (IST) is expected to enhance its effectiveness and efficiency in handling the daily rising number of the new cases in the Capital Market.
Adeosun said the delay in reconstituting the tribunal was to enable the government carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.
“The Alternative Dispute Resolution (ADR) window is going to be rejuvenated to dispel fears and threats from both Capital Market operators and the investing public on issues that require declaratory orders by the Tribunal,” she said.
The Minister recalled that the former chairman and members of the Tribunal were faced with the various challenges due to lack of corporate governance, mistrust and lack of cordial working relationship. She charged the new Tribunal to ensure harmonious and symbiotic working relationship with the members, management and staff in order to move the Tribunal forward seamlessly.