President Muhammadu Buhari has been urged to fast-track the process of constituting the membership of the Investment and Securities Tribunal (IST) without further delay.
The resolution was passed following the adoption of the motion sponsored by Tajudeen Yusuf, chairman, House Committee on Capital Market and other Institutions during Wednesday plenary session.
In his lead debates Yusuf expressed disgust over the prolonged delay in the reconstitution of the Boards of Ministries, Departments and Agencies (MDAs) which were dissolved on the 16th July, 2015 by the Presidency.
According to him, “prior to the dissolution of the Tribunal, it had from inception in 2007 adjudicated on matters with a cumulative monetary value of about N400 billion, which has gone a long way in stabilizing the market and the economy.”
The Kogi lawmaker observed that the absence of the Tribunal over the past 18 months, has resulted to case docket about 51 pending cases.
“Concerted efforts to make the Federal Government realize the strategic importance of the Tribunal to the national economy and therefore the need for the reconstitution of its membership and reiterate its status as a civil court and not a board, has yielded no positive results.
“The continued non-constitution of membership of the Tribunal is grossly affecting its role as the ‘capital market adjudicator’ through which disputes are resolved. This has impugned on the credibility and integrity of the isn’t as Capital market stakeholders now doubt its relevance and investors’ confidence is gradually being eroded.
“Due to the unfortunate situation, while many litigants are getting restive and frustrated as they cannot find any lawful avenue to ventilate their grievances, some others are mooting the idea of self-help, which is inimical to the health of the capital market and national economy.
“The Federal Government does not realise that for capital market to play its role as an alternative source for long term capital amidst dwindling oil revenue and economic recession, there is urgent need to strengthen ICT.
“The House is aware that some countries in Europe, America, Asia and Africa have better developed markets because they have developed adjudicatory systems that are independent and operate with a measure of predictability and certainty,” he said.
To this end, Speaker Yakubu Dogara mandated the House Committee on Capital Market and Institutions to liaise with Federal Ministry of Finance and other relevant MDAs with a view to work out short-term solutions ta would enable the IST function before the reconstitution of its membership.
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