By Tony Obiechina, Abuja
The Investments and Securities Tribunal (IST) is an important agency necessary to give investors the needed confidence to invest in the Nigerian economy, the Chairman of the Tribunal, Amos Azi has said.
Azi who stated this in Abuja on Tuesday when the Executive members of the Finance Correspondents Association of Nigeria (FICAN) led by the Chairman Bassey Udo, visited him in his office said the Tribunal should be regarded as one of the foremost organisations that contribute significantly to the ease of doing business in Nigeria.
Azi said looking at how the Tribunal has consistently been rated high by the Ethics and Integrity Compliance Score card among Ministries, Departments and Agencies (MDAs) of government over the years, it has definitely established itself a formidable confidence booster for anyone who wants to invest in the Nigerian Capital market.
“Any serious investor who wants to invest in the Nigerian Capital Market, or indeed the Nigerian economy in general, will first of all look at how he would be able to recover his investment if, for any reason, such investment runs into problems.
“It is the Investments and Securities Tribunal that will look at the issues involved – was there any investment? Was the investor entitled to benefits? Why did he not get his benefits? These issues are looked at and resolved fairly and equitable within 90 days based on the facts, and to the satisfaction of all parties involved,” he said.
According to him, the performance of the tribunal over the years has consistently earned it high ratings by the Ethics and Integrity Compliance Score Card for Ministries, Departments and Agencies (MDAs).
He said for instance, in 2021, the agency was rated the Investments and Securities Tribunal 46 percent, while in 2022 and 2023 the IST was rated 69.25 percent and 69.80 percent respectively.
The Tribunal Chairman said the IST has been quietly, but successfully carrying out its mandate of mediating between aggrieved investors in the capital market without anybody mentioning its invaluable contributions to the success of the capital market and the Nigerian economy.
Azi however solicited the support and partnership of FICAN to let the public understand the important role of the Tribunal to the growth of the Nigerian capital market and the economy, particularly letting the general public know how the Tribunal ensures that capital market disputes are resolved without delay.
This awareness, he pointed out, would enable those have any dispute that has to do with investments in the capital market to approach the Tribunal for speedy adjudication and disposal of capital markets disputes within the stipulated 90 days window.
Earlier, the Chairman of FICAN Bassey Udo, had told the Chairman that he was visiting him to renew the partnership of the Association with key agencies in the finance sector of the economy. READ ALSO:
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Udo promised to get FICAN members to pay more attention to issues from the Tribunal in order to make her activities known and embraced by the public.
FICAN is the umbrella body of reporters dedicated to the coverage of the finance, business and economy for the national media.
