Nigeria’s Securities and Exchange Commission (SEC) has said that the capital market, which is considered the catalyst for economic growth, must be sustained by an effective and efficient dispute resolution mechanism by adjudicators who are subject matter experts to engender investors’ confidence.
Yuguda stated this during a one-day workshop organised by the Investment and Securities Tribunal (IST) in collaboration with the Nigeria Bar Association (NBA) with the theme “Law, Practice and Procedure of the IST” held at the SEC head office in Abuja, Wednesday.
Represented by Reginald Karawusa, Executive Commissioner Legal and Enforcement of SEC, Yuguda said the workshop is important for legal Practitioners who appear before the IST on behalf of their clients and lawyers who generally practice in the capital market.
According to him, “This workshop is important for legal practitioners who appear before the IST on behalf of their clients and lawyers who generally practice in the capital market
“Lawyers play very prominent roles in Capital market and as such should not only how to structure transactions but also have clear knowledge of the procedure and the practices of appearing before the IST”.
The SEC DG said the workshop will among others, the workshop will discuss topical issues such as: The status, jurisdiction and power of the Tribunal; Transactions and dispute resolution in the Nigeria capital market; The role of lawyers and panel discussions on these all-important topics.
“It is a welcome development that workshops such as this is holding at this period when the new IST procedure has been published. I would encourage and recommend that this workshop be an annual feature in the calendar of the Investments and Securities Tribunal and the Nigerian Bar Association.
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“I commend the organisers of this workshop and assure the Bar Association and the IST that the commission would be ready to support them and also share in the knowledge and experience this workshop will produce since it is lawyers frequently appear before the Tribunal,” Yuguda added.
In his remarks, Amos Azi, Chairman of IST said that by the Securities and Exchange Commission Act of 1988 the Federal High Court was vested with jurisdiction over violations arising from capital market transactions.
Azi said pursuant to the said Act the SEC established the Administrative Hearing Proceedings Committee to resolve capital market disputes, and appeals lay therefrom to the Federal High Court.
“Unfortunately, the Federal High Courts were largely unable to appreciate the peculiar nature of the capital market, being as it were very time sensitive. Investors’ confidence was not particularly helped by the delays encountered in the resolution of their disputes in the conventional courts as the transactions in the market increased, thereby impacting negatively on investors’ confidence vis-a-viz market performance,” he said.
The IST Chairman said mindful of the need to be responsive to an ever-evolving market the Tribunal reviewed its Procedure Rules, which was exposed to stakeholders for necessary inputs.
“The new Rules which incorporated the use of technology and other trends in the market in the Tribunal’s proceedings further addressed all observed lacunae in the reviewed Rules. This workshop “Laws Practice and Procedure of the Investments and Securities Tribunal” is aimed at acquainting practitioners with the basic Laws and Rules governing proceedings at the IST. This is particularly so as most lawyers are not seized of the required knowledge in Capital Market Laws and Practice. It is hoped that this workshop will wet your appetite and create a desire for specialisation in Capital Market laws and Practice”.
