IST Moves to Migrate to E-filing System to Boost Investment Climate
* Tribunal to end physical filing of cases July
Ndubuisi Francis in Abuja
The Investments and Securities Tribunal (IST) has disclosed that it is on the verge of migrating to e-Filing of cases, stating that the physical filing of cases would cease to exist once its new electronic filing platform becomes fully operational.
Barring any alterations, the Tribunal is expected to go live with the e-filing platform in July 2025.
The IST is a civil, independent and specialised judicial body established under Section 274 of the Investments and Securities Act (ISA) 2007 (now repealed), to adjudicate capital market disputes.
The IST Chairman, Amos Azi, who spoke in Abuja at a stakeholders’ engagement meeting towards unveiling the Tribunal’s new e-filing platform, described the onboarding of the IST to the e-filing platform as a positive development that would enhance the investment climate in Nigeria.
The initiative, he stated, is poised to boost investor confidence and stimulate intentional capital investment in the country.
However, Azi issued a note of caution that once the e-filing system becomes fully operational, the physical filing of cases will no longer be allowed.
According to him, the stakeholders’ meeting was convened to ensure that legal practitioners are adequately trained on the new system.
He also noted the newly enacted Investments and Securities Act (ISA 2005) prescribed punitive measures of no less than N10 million against operators of Ponzi schemes.
He stressed that the repealed 2007 Act did not provide for such sanctions against Ponzi scheme operators.
Azi explained that the new provisions in the Act were expected to serve as a deterrent and help tackle the menace of illegal investment operators within the capital market.
In addition to the sanctions, he highlighted other significant innovations introduced by the Act.
These include the recognition of digital assets as securities, legal acknowledgment of cryptocurrency, and provisions for virtual service providers.
He explained that these additions allow for the establishment of virtual exchanges and broaden the Tribunal’s jurisdiction to adjudicate disputes arising in these areas—after passing through the complaint management framework.
In an interview, the Chairman of the Nigerian Bar Association (NBA), Gwagwalada Branch, Owhor Clever, appealed to the Tribunal to extend training opportunities to the association’s members to ensure seamless court proceedings under the new system.
The stakeholders’ engagement on e-filing and case management also featured online participation from Abuja, Port Harcourt and Enugu.
