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.
IHEANYI NWACHUKWU
