Everest Amaefule, Abuja
The Chairman, Investments and Securities Tribunal, Mr. Siaka Idoko-Akoh, has appealed to the National Assembly to amend the Securities and Exchange Commission Act to guarantee proper funding of the tribunal.
He made the call in a presentation at the public hearing on a ‘Bill to Amend the Investments and Securities Act’, according to a statement made available to our correspondent in Abuja on Sunday by the Acting Director, Corporate Affairs, IST, Mr. Kenneth Ezea.
Idoko-Akoh said although all the stakeholders in the securities market agree on the special role that IST plays in the success of the capital market, the tribunal had not been properly funded to perform its function.
He said, “The Investments and Securities Tribunal is the brainchild of the SEC, market operators and investors in their desire to see a market environment free from operational and legal disabilities. Over the past 15 years, the IST has lived up to its mandate even in the face of very daunting challenges.
“As the first specialised court for the capital market in sub-Saharan Africa, the tribunal has been adjudged as highly innovative and earned positive commendation by global players like the US Securities and Exchange Commission.
“The Steve Oronsaye panel on the re-organisation of Federal Government agencies and parastatals emphasised the essential nature of the tribunal. Here and there, calls are being made for the establishment of special courts in other areas of our national life.”
He added, “We are the only court with a mandate to start and conclude cases within three months demanding intensive and diligent case flow management and constant movement of trial members across the zonal offices.
“The small budgetary allocations to the tribunal are released several months in arrears. Even the extra-funding approved for the tribunal from market transaction fees are not remitted on time.
“We need our share of this fund to be disbursed directly to our account from the platform like other stakeholders.”
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