The federal government has promised to
restore investor confidence in the capital market by re-positioning the
Investment and Securities Tribunal for effectiveness and efficiency in
handling the rising incidence of cases in the market...
It assured that the Investment and
Securities Tribunal (IST), which provides Alternative Dispute Resolution
(ADR) window would be rejuvenated to dispel fears and threats from both
capital market operators and the investing public on issues that
require declaratory orders by the Tribunal.
The Minister of Finance, Mrs. Kemi Adeosun, who gave the assurance in Abuja yesterday while inaugurating
the new IST board, recalled that the
former chairman and members of the tribunal were confronted with
challenges both in the administration and operations due to lack of
corporate governance, mistrust and lack of cordial working relationship.
She said: “Let me go back to the memory
lane that the former Chairman and members of the tribunal were
confronted with challenges both in the administration and operation of
the tribunal due to lack of corporate governance, mistrust and lack of
cordial working relationship.
“This is worth mentioning here, because
it led to a serious administrative gap, which generated some
controversies that militated against the smooth running of the Tribunal.
Therefore, a repeat of the unwholesome situation should be avoided by
this new Tribunal.
“I was compelled by the situation under
reference to constitute an administrative committee on the
Administrative and Financial Management of the IST to critically and
holistically look into the lingering issues with a view to finding
permanent resolution. The committee had submitted its report and I
approved its recommendations, which are expected to reposition the
Tribunal to effectively deliver on its mandate. I believe the report
will provide a good guide to the new tribunal,” to tack
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