The Deputy Chairman, House of Representatives Committee on Capital Market and Institutions, Mr. Anayo Edwin, yesterday pledged the readiness of the lawmakers to partner the Investment and Securities Tribunal (IST) on resolution of disputes in the nation’s capital market.
Edwin, stated this during the opening of the 2019/2020 New Legal year of IST in Lagos.
He disclosed that the House of Representatives was going to consider the request by IST for expansion of its jurisdiction to cover other financial sector related cases.
“Let me say that upon the inauguration of the Committee by the Speaker, Mr. Femi Gbajabiamila, we have resolved to consider your request for expansion of IST jurisdiction to cover other financial sector related cases and for more funding,” he said.
Edwin noted that they would help towards sustainable growth of the financial sector through a harmonious and investment friendly way.
He enjoined IST to continue doing its job of settling disputes in a professional and efficient manner in a bid to attract investors into the capital market.
“If you continue to do dispute resolution in a more professional and efficient manner, it will attract investors who would want to do business in the sector knowing very well you will do justice in case of any dispute,” Edwin added.
In his speech, the Chairman of IST, Mr. Isiaka Isaiah Idoko- said establishment of IST was to develop jurisdiction in matters of dispute resolution in the capital market.
According to him, so far, the agency has been receiving commendations for well thought out rulings and judgments in the capital market.
Idoko-Akoh maintained that since establishment of IST, it had always done its duties in a more speedy way to determine disputes arising from transactions in the Nigerian capital market.
“One of the notable innovations of the Decree which transmuted to ISA (1999) was the establishment of an independent, specialised, fast-track court known as the IST to hear and determine disputes arising from transactions in the Nigerian capital market,”he said.
The IST boss stated that all members and staff had been receiving capacity building geared towards enriching judgments in the capital market.
“We are doing everything to in enriching judgments in the capital market matters and building capacity for all categories of staff for a better work output,” he said.
According to him, lack of well developed stock market will scare away investors, hence the need to do justice in resolving every dispute brought before IST for a better stock market that will thrive and attract investors.