The Chairman, Investment and Securities Tribunal (IST), Amos Azi, has said that the tribunal had adjudicated investment cases worth over N800billion in favour of various investors since inception in 2007.
He disclosed this on Wednesday when he appeared before the Senate Committee on Capital Market to defend the tribunal’s budget.
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He said: “From inception till date, we make bold to say that the IST has adjudicated and determined cases of monetary value of over N800billion in favour of various investors which we believe is very encouraging to investors.
“The investors now know that they have where to approach in case of a dispute.”
He said that the IST has established four zonal offices, each in Lagos, Enugu, Port Harcourt and Kano to bring adjudication closer to investors instead of traveling to Abuja.
He also said the tribunal was working to digitalise its processes to enable e-filing, e-archiving, e-document retrieval.
He, however, listed the tribunal’s challenges to include dilapidated office building.
“You have seen the derelict nature of the office and it is in dire need of not just remodeling, we need a real functional world class court that can attest to the acclaim of being the only Investment Tribunal in Africa.
“Indeed, there have been a lot of requests from other jurisdictions to come and understudy our processes, but what we have is really difficult to showcase to anybody,” he told the lawmakers.
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