IST Chairman Calls for Adherence to Good Corporate Governance

Quoted companies have been urged to adhere to the principles of good corporate governance so as to reduce disputes in the capital market. The Chairman of Investment and Securities Tribunal (IST), Mr. Isaiah Idoko-Akoh, made the while speaking during a visit to the Nigerian Stock Exchange(NSE) in Lagos.

He said that strict adherence to good corporate governance companies would reduce trade disputes and fraud in the market and attract more investors.

He explained that IST was established to adjudicate on matters relating to capital market disputes to ensure quick dispensation of justice, assuring investors that the tribunal would continue will ensure that no investor loses money in the market.

Idoko-Akoh, therefore urged investors to embrace the tribunal in dispute resolutions instead of going to normal court that could take up to 10 years before getting justice.

The Chairman, however, stressed the need for awareness creation, public enlightenment and training for people to understand the workings of IST.

According to him, when disputes are resolved on time and more people are aware of the workings of the tribunal and its benefits, there would be increase quantum of business in the market.

Idoko-Akoh also called for good remuneration for the management and staff of the tribunal for efficient service delivery.

In his response, doyen of the stockbrokers, Mr. Sam Ndata, urged the Securities and Exchange Commission (SEC) and NSE to make the tribunal more functional through proper funding.

Ndata said that lack of funding would undermine the efficiency of the tribunal. He enjoined the tribunal to be judicious with fund and ensure proper accountability of every fund allocated to it.

He said that dealing members on IST board were men of integrity and expertise, noting that their contributions was of essence.

The IST, established under section 224 of the Investments and Securities Act (ISA) 1999 and the ISA 2007 as amended, is an independent specialised civil court that operates a fast-track adjudicatory system with the mandate, among others, to provide accessible, affordable, timely as well as efficient means of settling/resolving disputes arising from transactions in the Nigerian capital market.

However, the IST was inactive for more two years before the federal government recently appointed new members last year with Idoko-Akoh as chairman.

“We want to adhere strictly to the time stipulated to resolve and even ensure that most of the cases are disposed off before the three months because timeliness is very important in taking investment decisions,” the chairman had said.