By Nkiruka Nnorom

The chairman/CEO of the Investment and Securities Tribunal, IST, Mr. Isiaka Idoko-Akoh, has said that the tribunal has resolved about 93 cases out of 114 cases since the constitution of the new Board in September last year.

Idoko-Akoh disclosed this yesterday when the Board of IST paid a courtesy visit to the Nigerian Stock Exchange, NSE, to sound the closing gong.

He said that some of the cases resolved include the 24 cases that were not heard for over two years and some from the 90 new cases filed with the tribunal within the seven months.

Idoko-Akoh stated: “We have 24 cases, which were not heard for over 2 years and 90 new cases that were filed, but I am happy to inform you that as at today, out of this 24 cases, we have delivered judgement in 13 of the cases. We also have four consent judgements (those who agreed to stop further dispute). We have seven judgements that are pending as at today.

“We have about 15 cases resolved and struck out and 22 of them that are just laid down because they are pending at the Court of Appeal. As at today, including those new cases that have just been just filed, we have only 21 cases pending. With this, investors, even yourselves that have problem will wish to come to the IST to have issues resolved as opposed to the traditional court where you could waste up to 10 years.”

He assured that the tribunal is committed to its role of promoting market efficiency and investors’ confidence through quick decisions of disputes and cases to avoid loss of money to the investors.

Reacting to this development, the doyen of the stockbrokers, Mr. Sam Ndata, urged the Securities and Exchange Commission, SEC, and the NSE to provide more funding support to the tribunal, saying that lack of funding could undermine its efficiency.

While commending the tribunal for its role in dispute resolution in the market, he enjoined the Board to make judicious use of every fund allocated to it.