John Ighodaro
28 November 2008
Calabar — The Investment and Securities Tribunal (IST) has assured investors that the tribunal was ever ready to hear complaints from aggrieved parties in the capital market and adjudicate accordingly without fear or favour.
A member of the Investment and Securities Tribunal, Mr Wilfred Ikatari spoke at a South South Zonal Public Enlightenment workshop which held at the Channel View Hotel in Calabar, Cross River State.
In his paper entitled, "Accessing Justice Through Investment and Securities tribunal" which he presented at the workshop with the theme, "IST-Boosting Investors Confidence In The Nigerian Capital Market", Hon. Ikatari said, "from inception, the Tribunal has lived up to expectation and in accordance with its statutory mandate rendered salutary decisions to reposition the securities market to rule compliant, transparent, orderly and fair."
He cited the Tribunal's decision on the Ezemegbe V. NSE & Anor Suit which he said had become a watershed in the history of Investors protection in the country.
His words: "The Tribunal's decision in Ezemegbe V. NSE & Anor Suit No.IST/OA/06/2006 has remained a watershed in the history of investors' protection in Nigeria . Before IST's emergence, this somewhat safety valve for investors in event of defalcation of securities operators in the market had remained in doldrums while investors had to groan in self pity watching their investment going down the drain.
"This decision carried with it compelling need for the regulators (NSE and SEC) to establish the structure of investors' protection. It also validates the claim of the Applicant to be entitled to investor's protection having satisfied the statutary requirement."
He further explained that "what gives one the access or ability to approach the Tribunal is based on one's interest. In a given situation, the stand one possesses; in a nutshell, the locus standi to institute an action. For instance, the interest in securities owned or acquired by means of transmission, custodianship, dealership or regulatory action all give rise to various interests which when tampered with, would definitely entitle the interest holder to access the Tribunal."
Also speaking, Chairman of IST, Dr. Nnenna Orji who was represented by the IST Head of Legal Services, Barr. Nosa Osemwingie said IST was established in December 2005 based on a 1999 decree. He urged participants to be fully involved in the workshop activities praying that they would leave the workshop more enlightened than they were before the conference.
Be the first to Write a Comment!
Copyright © 2008 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
