The Chairman of the Investment and Securities Tribunal (IST), Mr. Amos Isaac Azi has disclosed that the Tribunal has so far resolved capital markets disputes valued at N1 trillion since its inception in 2003.
Speaking with journalists in Abuja on Wednesday, Azi also clarified that the mandate of the Tribunal is narrowed to only disputes arising from transactions in the capital market.
He said “Since the inception of the Investment and Securities Tribunal (IST) in the year 2003, we have been able to resolve disputes from transactions in the capital market to the tune of almost a trillion, and in the last year, we have resolved disputes valued at N17 billion,”
He noted that the IST is the only constitutional court that has a time frame to resolve disputes, which is within three months unlike other constitutional courts where cases linger for so long.
He said “The courts have made tremendous progress, especially in the areas of providing judgements on disputes as it has hardly been overturned at the appellate court where dissatisfied parties go to appeal,”
Azi added that the Tribunal has built a mechanism to ensure suites can now be filed digitally from anywhere around the world as part of efforts to adapt to technological advancement in line with global best practices, adding that the Tribunal has commenced virtual hearings since the COVID-19 era in 2020.
Also in his presentation, the Director, Planning, Research and Statistics, Emmanuel Chukwuorji stated that the Tribunal has resolved over 300 cases so far from inception adding that the establishment of the IST has brought confidence in the capital market.
“The IST is a creation of the Capital Markets Committee and what we have done over the years is to improve investor confidence by ensuring that disputes are well vetted before judgements are passed, which is why our judgements are hardly overturned at the Appeal court.”
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