Mr. Idoko-Ako disclosed this in Abuja during a press briefing to mark the first 100 days since the Tribunal was constituted.
Recall the IST previously dissolved for about two years was reconstituted on the August 1, 2017, and inaugurated 19th of September 2017. For the two years the IST wasn’t constituted, capital market disputes were not heard and this waned investors confidence of the market.
But the Chairman of the Tribunal on Thursday assured that with the resumed sitting of the Tribunal, investors’ confidence in the Nigerian capital market has improved significantly.
“When we came in, we met 54 cases on the ground, some part heard and some fresh cases that were not attended to for over two years. You can see why the investors’ confidence started going down in the market. We went into action immediately to deal with the cases because that is the core mandate of the tribunal – to look at disputes in the capital market and dispense justice immediately to rekindle investors confidence” he explained.
He explained further that, “out of the 54 cases, the tribunal has sat on 50 cases. Before inauguration, we had already spent one month in office. We only commenced work after inauguration. Of these 50 cases, in Abuja, 30 cases have been dealt with, in Lagos, Enugu and Kano, we dealt with 20 cases. In Abuja, we have six pending rulings. We delivered two rulings and some cases have been struck out. We have taken about 40 applications. In Lagos, we have four pending rulings; we have had 16 hearings, taken 16 motions and 26 objections. Same goes for Kano and Enugu. With the dispatch we have worked, this is enough to give investors confidence.”
Thus he said from the number of cases before the Tribunal, over N370bn is pending in disputes between the investors, clients, regulators and others.
According to him, with the speed the Tribunal is going, in no time, all the cases will be decided adding that the law says all cases must be decided in not more than three months.
Mr. Idoko-Ako also indicated that the corporate governance posture of the tribunal has improved greatly. “Also today, the tribunal has a better outlook in terms of corporate governance” he said.
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