The Investments and Securities Tribunal (IST) says it has resolved cases worth one trillion naira since its inception.
The Investment and Securities Tribunal was established in 2002 to act as a specialised civil court for resolving capital market complaints.
This was revealed Tuesday in Abuja by the Tribunal Chairman Aminu Junaidu, when he played host to the Ethiopian Capital Market Authority delegation.
They are Nigeria to understudy the operations of the Tribunal with the intention of replicating the same in Ethiopia.
Addressing the delegation, the IST Chairman said Nigeria’s experience shows that a well structured Tribunal can serve as a cornerstone for capital market development by ensuring that justice is accessible to investors and corporate entities.
Jinaidu also said for emerging and developing markets such as those across the African continent, the Tribunal offers a useful model, saying it demonstrates the value of specialized dispute resolution mechanisms which emphasises the importance of integrating legal and financial expertise and the need for efficient processes that inspire investor trust.
He also stated that the Tribunal is technologically driven as matters can be heard online.
He harped on IST’s Alternative Dispute Resolution center which handles small claims through mediation. He added that the Tribunal has enabling powers to decide matters within 90 days of hearing.
Also speaking at the event, one of the Honourable members of the Tribunal Honourabe Felix Onwuneme advised the Ethiopian Capital Market Authority to ensure documents are front loaded. He went ahead to explain that front loading is when a litigant puts his argument in writing and comes to the Tribunal to adopt it before the hearing. This becomes his argument before the court which saves a lot of time.
In her remarks, leader of the delegation Renege Rahel Kassa, the Deputy Director General of the Ethiopian Capital Market Authority said they chose to come to Nigeria because Nigeria has extensive experience in capital market development and also because the Tribunal has experience in disposing of cases in a timely manner while contributing to the peace and justice in the system and at the same time upholding the standards of the market
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