IST Hears 54 Cases, Delivers Judgment In 13, Seven Pending

Siaka Isaiah Idoko, chairman/Chief Executive of the Investment & Securities Tribunal (IST), on Monday said it has so far adjudicated 54 cases that had not been heard for two prior years, delivering judgment in 13, representing 24% of them.
Idoko, a lawyer who was appointed with nine other members to the IST board in August last year said 15 others have been resolved and consequently struck out, while consent judgments were obtained in four others by those who agree to settle out of court in four of the cases.
Idoko, who was speaking while sounding the gong to close trading on the Nigerian Stock Exchange (NSE) in Lagos, said some others have been adjourned sine die (indefinitely), just as 21 are pending.
He urged stakeholders of the IST, including the Securities & Exchange Commission (SEC) and the NSE, among others, called for increased funding to enable the tribunal carry out public enlightenment, training and adequate staff remuneration.
These, he said, “cannot happen with the needed commitment from other stakeholders.”
Responding on behalf of stockbrokers and the market, doyen of the NSE, Sam Ndata of Compass Securities Limited, agreed on the need for adequate funding of the tribunal to enable it discharge its duties faithfully, while ensuring the sustenance of an orderly market and investor confidence.
He however charged members of the tribunal, including senior stockbrokers, to ensure also that fund is judiciously used and properly accounted.
Before his appointment, Idoko retired from the Securities & Exchange (SEC Nigeria), where he served as Director before retiring in 2006.
Full-time members of the tribunal are: Jude Udunni, Nosa Osemwengie, Abubakar Ahmed and Albert Otesile; while part-time members include: Emeka Madubuike, Kasumu Garba Kurfi, Edward Ajayi, Onyemaechi Elujekor and Mamman Bukar Zargana.
The IST is a specialized court of records for resolving disputes arising from capital market transactions involving operators and investors, with equal powers as the Federal High Court. It is vested with powers to interpret the Investment & Securities Act (ISA), adjudicating in disputes and controversies, combining the rule of law applicable in traditional law courts with the responsiveness, flexibility, speed and cost effectiveness associated with specialized courts and alternative disputes resolution (ADR) systems.
The Tribunal has specialized knowledge of the capital market/securities and pension’s law and operations due to the varied technical and operational skills of its members and staff which it applies in deciding each case brought before it.

Photo caption: Siaka Isaiah Idoko-Akoh, Chairman/Chief Executive of the Investment & Securities Tribunal (IST) sounding the closing gong to close trading on the Nigerian Stock Exchange (NSE) on Monday, May 7, 2018, in Lagos. He is flanked by Ms. Tinuade Awe, Executive Director, NSE (3rd left); Kasumu Garba Kurfi, a member of the IST (extreme left); and Emeka Madubuike; among others.