The Investments and Securities Tribunal (IST) is set to adopt its new Rules of Engagement after its next board meeting in Port Harcourt, Rivers State. This move is part of the Tribunal's plans to digitalise its processes, aiming to improve efficiency, ease access to justice, and protect the integrity of the Capital Market. The Chairman of IST, Hon. Aminu Junaidu, made this disclosure during a courtesy visit by the Chartered Institute of Stockbrokers (CIS) in Abuja.
According to Junaidu, the digitalisation process is crucial for the Tribunal's operations, and they are prepared to sit on weekends and public holidays where necessary to protect investors and ensure timely resolution of cases. The IST is also open to stronger collaboration with the CIS, particularly in capacity building, which is part of its Key Performance Indicators. This move is expected to enhance the Tribunal's effectiveness in regulating the Capital Market.
The President of CIS, Dr. Fiona Ahmed Ahimie, led the courtesy visit to strengthen the relationship between the two institutions, which she described as key Capital Market institutions. Ahimie emphasized that their collective objective should be to build a Capital Market that is transparent, investor-friendly, and capable of attracting more investors. The market is growing, and confidence is returning, but she expressed concern over bad actors who could undermine the progress.
Ahimie called for collaboration among the Securities and Exchange Commission (SEC), CIS, and IST to expose and bring such actors to justice. She mentioned that there are about 2.2 million registered investors in the Nigerian Capital Market, with efforts to attract an additional 10 million. The CIS is ready to work with the IST on investor education, training, and capacity building, including extending its programmes to other African markets.
Hon. Felix Onwuneme, a member of the Tribunal, noted that the SEC Administrative Proceedings Committee (APC) must consider matters before they reach the Tribunal. However, the APC has not sat in four or five years, leaving some market participants uncertain about what to do when faced with regulatory challenges. He emphasized that the Investments and Securities Act (ISA) 2025 provides that where the SEC does not act within 60 days, a matter can proceed to the Tribunal.
Onwuneme further stressed that the APC must still function, despite the ISA 2025 provisions. Tunde Omolegbe, the 11th President of the CIS and a part-time Hon. Member of the IST, urged the Tribunal to attend future gatherings of stockbrokers. This move is expected to foster a stronger relationship between the CIS and the IST.
The adoption of new rules and digitalisation of processes by the IST is expected to enhance the efficiency and effectiveness of the Capital Market. The collaboration between the IST and CIS is crucial in building a transparent and investor-friendly market. Key initiatives, including investor education and capacity building, will be essential in attracting more investors to the Nigerian Capital Market.
Key points
- The Investments and Securities Tribunal to adopt new Rules of Engagement and digitalise its processes.
- The digitalisation aims to improve efficiency, ease access to justice, and protect the integrity of the Capital Market.
- The IST and CIS to collaborate on investor education, training, and capacity building.
