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Ndubuisi Francis and Udora Orizu in Abuja
The federal government has promised to restore investor confidence in the capital market by repositioning the Investment and Securities Tribunal for effectiveness and efficiency in handling the rising incidence of cases in the market.
It assured that the Investment and Securities Tribunal (IST), which provides Alternative Dispute Resolution (ADR) window would 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.
The Minister of Finance, Mrs. Kemi Adeosun, who gave the assurance in Abuja yesterday while inaugurating
the new IST board, recalled that the former chairman and members of the tribunal were confronted with challenges both in the administration and operations due to lack of corporate governance, mistrust and lack of cordial working relationship.
She said: â€œLet me go back to the memory lane that the former Chairman and members of the tribunal were confronted with challenges both in the administration and operation of the tribunal due to lack of corporate governance, mistrust and lack of cordial working relationship.
â€œThis is worth mentioning here, because it led to a serious administrative gap, which generated some controversies that militated against the smooth running of the Tribunal. Therefore, a repeat of the unwholesome situation should be avoided by this new Tribunal.
â€œI was compelled by the situation under reference to constitute an administrative committee on the Administrative and Financial Management of the IST to critically and holistically look into the lingering issues with a view to finding permanent resolution. The committee had submitted its report and I approved its recommendations, which are expected to reposition the Tribunal to effectively deliver on its mandate. I believe the report will provide a good guide to the new tribunal,â€ to tack