The Federal Government has sworn in Barrister Azi Amos Isaac as the chairman of the Investments and Securities Tribunal (IST) for a first term of five years.
Also sworn in is Barrister Nosa Smart Osemwengie, who was re-appointed as IST member for a second term of four years.
In an address at the occasion, the Minister of Finance, Budget And National Planning, Mrs. Zainab Shamsuna Ahmed, said: “With your appointment, the tribunal now has a full complement of 10 members in line with the enabling law, the Investments and Securities Act (ISA), 2007.
“It is, therefore, my hope that all the members will justify the confidence reposed in them by President Muhammadu Buhari by diligently working together to discharge the responsibilities of the tribunal.”
Congratulating both of them for being found worthy by Mr. President, the minister also said, “Your appointments have come at a time when all hands are needed to build our economy. As you all may be aware, the IST was first inaugurated in December, 2002. It is a specialised fast-track court, established for the settlement of disputes in the capital market.”
According to Ahmed, the need for the tribunal became apparent because of the time-sensitive nature of capital market transactions which the regular courts could not cope with.
“The Tribunal is fashioned after world class tribunals like the Financial Services and Market Tribunal (FSMT) of the United Kingdom (UK) and the Market Misconduct Tribunal of Hong Kong.
“The core mandate of the tribunal is to conduct its proceedings speedily and to dispose of any matter brought before it within three months from the commencement of substantive hearing,” she added.
Since its establishment, the tribunal, Mrs. Ahmed noted, has made some strides, particularly in its adjudicatory role which has gone a long way to sanitise the capital market and build investors’ confidence.
She said within its short time of its existence, in view of the dynamism in law, “the tribunal has reviewed its Procedure Rules with the publication of the IST (Procedure) Rules 2014. Also worthy of note is that the tribunal has partnered with the Securities and Exchange Commission (SEC) to review the enabling law with the enactment of the ISA, 2007.
Recalling the challenges that affected the tribunal in the past, the Honourable Minister said: “Notwithstanding these commendable achievements, the tribunal has in the last five years suffered many setbacks due largely to poor administration.
“These setbacks have blurred, if not completely wiped out, whatever modest achievements the Tribunal might have recorded in its adjudicatory role. We may recall that in November, 2015, the Tribunal was dissolved and the Chairman and its members relieved of their jobs. A new panel of the tribunal, which includes many of the members here seated, was inaugurated in 2017.
“Again, barely two years into your tenor, the chairman of the tribunal was removed. The problems with the tribunal had been infighting amongst members, lack of industrial harmony and a series of complaints bordering on mal-administration. These have been the bane of the tribunal and source of embarrassment, not only to the ministry but the federal government,” she recalled.
In view of the challenges, Mrs. Ahmed, said the chairman’s responsibility “is to provide good leadership that would galvanise the human and material resources at the tribunal’s disposal on the path of stability towards achieving its mandate in a consistent manner.
“I call on all members of the IST to cooperate with the new chairman, so that the vision of the tribunal which is ‘to be a world class capital market tribunal that is fair and transparent, dispensing justice without fear or favour,’ could be attained.”
