The Investments and Securities Tribunal (IST) in Nigeria is set to adopt new rules of engagement to improve its operations and digitalise its processes. This move aims to enhance efficiency, make access to justice easier, and protect the integrity of the Nigerian capital markets. The Chairman of the Tribunal, Hon. Aminu Junaidu, made this disclosure during a courtesy visit by the President of the Chartered Institute of Stockbrokers (CIS), Dr. Fiona Ahmed Ahimie, and members of the institute in Abuja.
According to Junaidu, the tribunal is committed to handling cases without unnecessary delays and is prepared to sit on weekends and public holidays if necessary to protect investors and ensure timely resolution of cases. The tribunal is also open to stronger collaboration with the CIS, particularly in capacity building, which is part of its key performance indicators. This collaboration will help strengthen the skills and knowledge of professionals working within the capital market and contribute to the sector's development.
The CIS President, Dr. Ahimie, stated that the visit aimed to strengthen the relationship between the CIS and IST, two important institutions in the Nigerian capital market ecosystem. The collective objective of both institutions is to build a transparent, investor-friendly capital market that can attract more investors. Ahimie noted that the Nigerian capital market is growing, and confidence is returning, but expressed concern over the activities of bad actors that could undermine progress.
Dr. Ahimie called for stronger collaboration among the Securities and Exchange Commission (SEC), CIS, and IST to identify, expose, and bring bad actors to justice. This collaboration is necessary to reduce the impact of these actors on the market. There are currently about 2.2 million registered investors in the Nigerian capital market, with efforts to attract an additional 10 million investors. A sound and credible market is essential to maintaining investor confidence.
The CIS President also stated that the institute is interested in working with the IST on investor education to help investors understand the market and avoid falling victim to fraudulent operators. The CIS is ready to collaborate with the tribunal on training and capacity building, including opportunities to extend its training programs to other growing African capital markets.
A member of the tribunal, Hon. Felix Onwuneme, highlighted one of the major challenges facing the tribunal. The Administrative Proceedings Committee (APC) of the SEC is required to consider certain matters before they can be brought before the tribunal. Onwuneme's comment underscores the importance of collaboration between the tribunal and other regulatory bodies in the capital market.
The Investments and Securities Tribunal's efforts to digitalise its operations and adopt new rules of engagement demonstrate its commitment to improving the capital market's justice system. With the support of institutions like the CIS, the tribunal can ensure that investors have confidence in the market and that bad actors are brought to justice. The growth of the capital market and the increasing number of registered investors make it essential to maintain a sound and credible market.
Key points
- The Investments and Securities Tribunal will adopt new rules of engagement and digitalise its operations to improve efficiency and access to justice in the capital market.
- The tribunal aims to handle cases without unnecessary delays and is prepared to sit on weekends and public holidays if necessary.
- The Chartered Institute of Stockbrokers and the Investments and Securities Tribunal will collaborate on capacity building, investor education, and training programs.
