16 March 2017

Nigeria: House Mandates Govt to Reconstitute Board of Investment Tribunal

Abuja — The House of Representatives Wednesday mandated the federal government to expedite action on the reconstitution of the Investment and Securities Tribunal (IST) membership.

The federal government had in July 2015 dissolved the boards of ministries, departments and agencies of government (MDAs) including the IST.

Although some agencies have since had their boards reconstituted, that of the IST remains vacant, a situation that has prevented the tribunal from sitting and adjudicating on about 51 pending cases.

The House further reached a resolution to mandate the Committee on Capital Market and Institutions to liaise with the Federal Ministry of Finance and other relevant MDAs to work out short-term solutions that would enable the IST function before the reconstitution of its board.

The motion, which was introduced by Hon. Yusuf Tajudeen (Kogi PDP) earned support from members. Tajudeen said prior to the dissolution of its board, the tribunal had since 2007 adjudicated on matters with cumulative monetary worth of about N400 billion which had helped stabilise the market and economy in general.

He said the failure to reconstitute the board had further impugned on the credibility and integrity of the tribunal because capital market operators now doubt its relevance while its confidence has gradually eroded.

He also said the resuscitation of the tribunal was critical for bringing back foreign investors as well as deepening market penetration.

Members also carpeted the Minister of Finance, Mrs. Kemi Adeosun, who oversees the tribunal- for not facilitating the reconstitution of the board of IST.

Nigeria

Buhari Returns From London

After spending about 103 days in the United Kingdom on medical vacation, President Muhammadu Buhari yesterday returned… Read more »

Copyright © 2017 This Day. 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 publishes around 900 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.