The Investments and Securities Tribunal (IST) says the Tribunal has resolved cases worth one trillion Naira from inception till now.
This was revealed when the Chairman of the tribunal Aminu Junaidu played host to the Ethiopian Capital Market Authority delegation who visited Nigeria to understudy the operations of the Tribunal with the intention of replicating same in Ethiopia.
Addressing the delegation, Junaidu 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.
He further added that for emerging and developing markets such as those in the global south most of which are on African continent, the Tribunal offers a useful model that demonstrates the value of specialised dispute resolution mechanisms which emphasises the importance of integrating legal and financial expertise and the need for efficient processes that inspire investor trust.
The chairman also stated that the Tribunal is technologically driven as matters can be heard online while harping on IST’s Alternative Dispute Resolution center which handles small claims through mediation.
The Tribunal, he affirms has enabling powers to decide matters within 90 days of hearing.
Also speaking at the event, a member of the Tribunal, 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 and it becomes his argument before the court thereby saving a lot of time.
On her part, the 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, adding that the Tribunal’s experience in disposing of cases in a timely manner has contributed greatly to peace and justice in the system and at the same time upholding the standards of the market
The interactive session availed the visiting delegation the opportunity to interface with Tribunal on diverse issues including the Rules of Procedure.
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