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.