By AbdulSalam Muhammad
KANOâ€”The Investment and Securities Tribunal (IST) has adjudicated on 300 cases with a monetary value ofÂ N100billion, in the last 6 years.
Chairman of the Tribunal, Dr. Nnenna Adaeze,Â told newsmen during the formal opening of the Kano office of the tribunal that the recent global meltdown of the financial markets has taught a few important lessons.
The state Governor, Mallam Ibrahim Shekarau, said at the occasion that the establishment of the tribunal, especially in Kano, will checkmate business related fraud in the state.
He said the tribunal would also assist hapless investors who are always victims of fraudulent conversion, to seek redress with less burden on their finances.
Dr Nnenna Adaeze explained that one of the lessons is that the capital marketÂ is critical ot the nationâ€™s economy, adding that another lessons is the danger posed to economic managers and investorsÂ when the capital market is poorly regulated and policed.
Dr Nnenna stated that the objective of the IST is to guarantee the rule of law in the capital market, stressing thatÂ access to justice through the IST will ensure that traders in the stock market eitherÂ play by the rules of the market or face sanction.
According to her, â€œVictims of such investment scams or misconduct can now obtain remedies from the tribunal without much delay.â€
In his address at the occasion, Kano State Governor, Malam Shekarau, explained that the act establishing theÂ Tribunal ranked it as equal in status with the Federal High Court, as is the case with the National Industrial Court .
Malam Shekarau stated that â€œthe establishment of this court does not only bring justice closer to the people, rather it enhances access to it,â€ adding that the stepsÂ will further reinforce confidence in the capital market.