The Acting Chairman, Investments & Security Tribunal ( IST) Jude Udunni has decried the poor handling of investment cases in the tribunal, stating that lack of knowledge on the nature of investment cases has led to failures recorded thus far.
Udunni in a chat with journalists in Abuja at the weekend, harped on the need for adequate training and sensitization for lawyers and litigants handling cases at investment tribunal.
He said “Lack of knowledge on the nature of IST cases has made some lawyers lose cases at IST”.
He disclosed that ” of the 54 cases handled by IST, 37 are currently pending”
Udunni however attributed this to the on- going inter- states movement restriction which he said is a major hurdle against dispensing cases within 90 days as provided by law setting up IST.
” The Tribunal’s quest for greater visibility cannot be over emphasized. As you are aware, the Tribunal came into being as a result of the government’s desire to reform the Nigerian Capital Market for desired economic growth” .
He said that the Investments and Securities Tribunal which is a specialized fast-track civil court with the mandate for the resolution of cases arising from investments and securities transactions, has remained unknown to investors and potential litigants, thus necessitating the need for media exposure.
“Under the enabling law, the Tribunal is mandated to conduct its proceedings in such a manner as to avoid undue delays. In this wise, the Tribunal must dispose of any matter before it within three months from the date of the commencement of the hearing of the substantive action”.
On the benefits of IST to the market, Udunni noted that , Tribunal has through its well-thought out judgments/decisions been able to establish necessary benchmarks for capital market operations, whilst entrenching a unique jurisprudence for the Nigerian Capital Market, by sanitizing the market, influence policies and engendering law reforms.
He said that the important market practices such as; Know Your Customers (KYC) and Strict adherence to Corporate Governance Principles had been given judicial recognition through the Tribunal’s judgments.
” The Tribunal’s judgments have also provided guidelines for the operations of the Investors Protection Fund (IPF) and the Collective Investments Scheme (CIS). The judgments have not only had positive impacts on policies and reforms in the market but the IST model is today a template for Capital Market adjudication. This assertion has been variously validated by the affirmation of most of its judgments and rulings by the Appellate Courts”, Udunni said.
