Timely Resolution Of Disputes Will Promote Investment – IST Chairman
Timely and just resolution of disputes is cardinal for investment in the country’s capital market, the new Chairman of the Investment and Securities Tribunal (IST), Amos Isaac Azi, has declared.
Azi stated this on Thursday in Abuja on his resumption office as the new Chairman of the IST.
The new IST chairman emphasised the need for a structured borrowing by companies and governments through the capital market, saying that no company or government has all resources for infrastructural development.
“There is no government or company that has the resources to provide for all the infrastructural requirements.
“It needs to borrow, so there must be a structure for borrowing. The IST will provide this structure by rendering credible judgments,” he said.
Azi, who noted that the fate of capital market transactions depend on the decisions taken by the IST, promised to restore confidence in the capital market.
“Whatever we decide determines one way or the other how business is to be done in this country from the capital market sector,” he added.
The immediate past acting chairman of IST, Jude Udunni, who handed over to the new chairman, urged his successor to be patient and humble in addressing the welfare of staff of the Tribunal.
Udunni said, “The Tribunal is indeed blessed with a highly resourceful and competent personnel, who will need to be continuously motivated by addressing their concerns which will come up intermittently.
“Some concerns have arisen following the just concluded staff promotion exercise as well as staff allowances.
“To succeed in your onerous assignment, you require the twin virtues of patience and humility,” the former chairman advised.
He disclosed that the Tribunal currently has 17 cases at various stages of hearing, with judgments entered in two cases.
“In the midst of the COVID-19 pandemic, the Tribunal has entered judgments in two cases.
“The IST has also come up with a practice direction for remote hearings of cases to enable it to decongest her case docket for the good of the market,” Udunni stated.
He advised the new Chairman to finalise the review of the IST Procedure Rules which, according to him, is in its final stage.