By EMMA UJAH, Abuja Bureau Chief

The Federal Government has taken steps to create a greater investor-confidence in the capital market by ensuring that operators who take advantage of investors were brought to book.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala who inaugurated the 10-member  Tribunal of the Investment and Securities Tribunal in Abuja, yesterday, declared that the capital market had nose-dived in recent times and needed an impetus to re-invigorate it.

Her words, “We know that IST is very critical for the smooth running of the investment sector. The stock market has gone down and we will need to do a lot to give people courage and also the confidence to actually invest and the only way that can be done is to ensure that whenever there is any disagreement or dispute, there is a place they can run to and get justice”.

File photo: L-R DIRECTOR SOLICITORS, FEDERAL MINISTRY OF JUSTICE, MRS . OLUSOLA MOORE, MINISTER OF NATIONAL PLANNING COMMISSION, DR. SHAMSUDDEEN USMAN; MINISTER OF FINANCE, NGOZI OKONJO – IWEALA AND VICE PRESIDENT NAMADI SAMBO

The minister described the Chairman of the tribunal, Dr. Ngozi Chianakwalam as a seasoned lawyer and experienced public servant with the requisite wherewithal to raise the stake of the nation’s capital market.

According to her, President Goodluck Jonathan approved the appointment of the members based on their capacity to deliver on the organisation’s mandate.

Also speaking, the Minister of State for Finance, Dr. Yerima Ngama said that efforts were being made to give IST judges the privilege of career progression to enable them get appointed to the Appeal Court or even the Supreme Court.  Currently, they are on a 5-year tenured appointment with a maximum of a re-appointment for another term.

According him, “this Tribunal has been doing a lot and we have been encouraging them to do more. We are in the process of reviewing the Act.

“One particular issue is developing relationship with the National Judicial Council so that they will also have input in the new amendments we are trying to do.

“The amendment is actually to ensure that when we say you are the chairperson of the tribunal and you are equivalent to the Chief Judge of a Federal High Court then the NJC will also be pleased with it that its true so that when we say this year, you can also go to the federal court of appeal and go to supreme court and be our own Chief Justice of Nigeria.

“Right now they are doing a good job. When you go to the Federal Court of Appeal, when you have cases involving investment and capital market operation, I doubt if you have any of their judges who had gone through IST so we can claim that we don’t have a single judge who have the relevant experience. And those judges who have relevant experience can they really go to the federal court of appeal?”

“So we want to do this so that every judge here has a future so that they will not only be recognised by the Ministry of Finance but by the judiciary to be truly equivalent to judges of the Federal High Court”.

He said when the chairman of the IST is rated at pea with the FHC judges, it would help to guarantee their future in the judiciary as well as enrich the judicial process.

In her response, Dr. Chianakwalam pledged that members of the tribunal would discharge their duties with a high sense of responsibility and fairness.