• Monday, April 15, 2024
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Amendment under­way for IST members to transit to Appeal Court, Supreme Court


In recognition of the criti­cal role of the Investments and Securities Tribunal (IST), the Ministry of Finance has proposed new amend­ments to the Investments and Securities Act (ISA 2007) that will enable seamless transition of members of the tribunal to both the Appeal and the Supreme Courts.

The proposed new amendment to ISA which would be sent to the National Assembly is to enhance the work of the tribunal which is comparable to the Federal High Court.

Yerima Lawan Ngama, Minister of State for Finance, disclosed this at the inau­guration of Ngozi Udodirim Chianakwalam as the new chairman of Investments and Securities Tribunal for the next five years.

Lawan-Ngama urged the new IST chairman to liaise with the National Judicial Council (NJC) to obtain their inputs to the amendments, adding that “IST is critical to the growth and smooth op­eration of the capital market”.

The role of IST is to pro­vide efficient resolution of capital market disputes with fairness, flexibility and trans­parency.