Shola Oyeyipo in Abuja
The Investments and Securities Tribunal (IST), a tribunal set up by the federal government to adjudicate disputes arising from capital market
transactions has noted that through innovations matters are resolved in the tribunal thereby boosting confidence in the sector.
The IST Chairman/CEO, Mr. Siaka Isaiah-Idoko-Akoh who made the assertion when shedding light on the challenges and achievement of the tribunal, said the tribunal had delivered 70 judgments within the two years of its inauguration.
Akoh said the tribunal had surpassed any other court in Nigeria in the aspect of dispensation of justice.
According to him, “IST has handled about 90 cases. The present tribunal inherited about 54 cases and all have been properly handled in less than one year plus other new ones which have also been handled. It is on record, go anywhere in this country there is no court that has achieved this feat.
“Judgments of this tribunal are well written such that we only have very few appeals that have been filed against this tribunal. Over 70 judgments have been passed within a period of two years of its inauguration. This is a feat no ordinary court has achieved so far.
“So we have been living up to the mandate and the market is happy about this. The stakeholders, NSE, SEC, and CSCS have all recognised this and this is what is helping to promote the Nigeria capital market.”
To achieve all these feats, he said the tribunal had to introduce some new trends. Preliminary applications most times delay cases, “so we don’t take such motions.”
“Another trend that is assisting us, is that of taking a date of judgment on the day parties are closing their cases then we will then choose a date when written addresses will be deemed adopted. In the normal court, after filing for a written address, they will adjourn for the adoption of written addresses before date for judgment.
“Another innovation is taking proceedings in e-recordings, we have automated transcribers; if you want soft copies of proceedings you’ll get it, we don’t do manual. We also have a new trend of taking electronic hearing, e-hearing to give evidence.
“We will be seeing you and you answering questions from any part of the world where you are. You can give your evidence and it will be taken which means a foreigner anywhere he is, is happy that even without his presence or coming down to incur transport or accommodation expenses, his case will be handled. This is a new feat that is not obtainable in any court in the country.”