The Chairman/Chief Executive Officer of Investments and Securities Tribunal, Mr Isaiah Idoko-Akoh, in Abuja on Friday, lamented poor funding of the tribunal.
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He said the tribunal was set up by the Federal Government to adjudicate disputes arising from capital market transactions.
Idoko-Akoh, who spoke with journalists on the tribunal’s new legal year and the two years of his inauguration as the chairman, said the court had been doing its best to treat cases effectively despite its lean purse.
He said his administration inherited 54 cases when he took over in 2017 and had handled them and other new ones in less than one year.
The IST boss said, “Judgments of this Tribunal are well written such that we only have very few appeals that have been filed against this tribunal.
“Over 70 judgments have been passed within a period of two years of its inauguration. This is a feat no ordinary court has achieved so far. So we have been living up to the mandate and the market is happy about this.
“The stakeholders including the Nigerian Stock Exchange, Security and Exchange Commission, and Central Securities Clearing System, have all recognised this and this is what is helping to promote the Nigeria Capital Market.
“This has also boosted the people’s confidence in the capital market especially the resolution of disputes within a short period of time.
“In the capital market, time is of essence especially if you are able to pass appropriate judgment early; this is what will encourage the foreign investors to come into Nigeria.
“Capital market, as we know, contributes to the growth of the Gross Domestic Product of any country. You cannot do without it. So we have lived up to expectation within a short period of our inauguration.”
He lamented that poor funding from both the Federal Government and stakeholders would have greatly hampered the operations of the tribunal but for the zeal and patriotism of members.
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