Expert Lists Gains Of Investments Tribunal

The Chairman/ Chief Executive Officer of Nigeria Investments and Securities Tribunal (IST), Isiaka Isaiah Idoko Akor, says the operations of thecommission have guaranteed and secured many foreign investors in the country .
Akoh stated this in his address during the opening of a two-day sensitisation workshop for capital market stakeholders, judicial officers, legal practitioners and investors in Rivers and Bayelsa States held at NBA centre in Port Harcourt, yesterday.
The 1st Cairman stated that the role of the commission in the sustenance of the nation’s economic growth could not be over- emphasised, and that the two-day workshop was part of its nationwide advocacy out reach
According to him, the Port Harcourt session was the third since this year and added that the commission had captured the South-South region.
He opined that the tribunal was created by virtue of Section 274 Investment and Securities Act 2007 to among other things, exercise the jurisdiction, powers and authority conferred on it as a special civil court for all purpose and its proceedings are deemed to be judicial proceedings
“By virtue of Section 274 of ISA 2017, a litigant is now required to approach the Securities and Exchange Commission (SEC) with a petiton or complaint for investigation and when deemed necessary for administrative hearing. If a party is dissatisfied with the action or decision of SEC, he may appeal against such decision or action”, he added
Akoh disclosed that every matter in the tribunal takes only 90 days for its conclusion and added that the tribunal operates like alternative dispute resolution mechanism
Also speaking, the Chief Judge of Rivers State, Justice Adanma Iyayi Laminkara said the tribunal handles a special judicial area that deals with issues from capital market and investments
She said though the operations are not of regular court, it was a veritable tool for conflict resolutions
She averred that it was in recognition of the significant roles played by the tribunal that the Chief Justice of Nigeria issued a memo to all states’ Chief Judges to ensure that cases bordering on the national economy were adjudicated and disposed of within a reasonable time, adding that judges at the state High Courts are complying with the CJN’s directives
In his goodwill message, the National President of Nigerian Bar Association (NBA) represented by the Port Harcourt branch Chairman of NBA, Sylvester Udoaka urged lawyers in the two states to take the workshop seriously as it will open a new vista of business opportunities in their practice
He thanked the chairman /chief executive officer of IST for bringing the workshop to the state.