Investment Tribunal to Adopt New Rules, Digitalise Operations to Strengthen Capital Market Justice
* Registered investors hit 2.2 million Ndubuisi Francis in Abuja As part of efforts to improve operations and commence the digitalisation of its processes, the Investments and Securities Tribunal (IST)
The Investments and Securities Tribunal (IST) is set to adopt new rules of engagement and digitize its operations during its upcoming board meeting in Port Harcourt, Rivers State. This initiative aims to improve efficiency, streamline access to justice, and protect the integrity of the Nigerian capital markets. IST Chairman, Hon. Aminu Junaidu, expressed the tribunal's commitment to handling cases swiftly, even on weekends and public holidays, to ensure timely resolution.
The Chartered Institute of Stockbrokers (CIS) President, Dr. Fiona Ahmed Ahimie, emphasized the importance of collaboration between the two institutions, highlighting that they are both vital to the Nigerian capital market ecosystem. Dr. Ahimie called for stronger cooperation among the Securities and Exchange Commission (SEC), CIS, and IST to identify and hold accountable those who pose a threat to the market.
Currently, there are approximately 2.2 million registered investors in the Nigerian capital market, with plans to attract an additional 10 million investors.
CIS President Dr. Ahimie expressed concerns over the activities of bad actors that could undermine the market's progress. She stressed the importance of maintaining a sound and credible market where investors can have confidence. The CIS is interested in working with the IST on investor education to help investors navigate the market and avoid falling victim to fraudulent operators.
The institute is also keen on collaborating with the tribunal on training and capacity building, including extending its training programs to other growing African capital markets.
One of the tribunal's members, Hon. Felix Onwuneme, revealed that the Administrative Proceedings Committee (APC) of the SEC has been inactive for several years, causing uncertainty among market participants. Onwuneme noted that a new regulation, the Investments and Securities Act (ISA) 2025, stipulates that if the SEC does not act on a matter within 60 days, the case can proceed to the IST.
However, he expressed worry that the lack of effective functioning of the APC could hinder the number of cases reaching the tribunal and potentially impact investor confidence.
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