The House of Representatives has called on the Federal Government to expedite action on the reconstitution of the Investment and Securities Tribunal (IST).
This is as the House yesterday mandated its Committee on Capital Market and Institutions to meet with the Federal Ministry of Finance and other relevant Ministries, Departments and Agencies (MDAs) to come up with short-term mechanisms through which the IST will carry out its functions before the reconstitution of its membership.
The resolution of the House was subsequent to the adoption of a motion entitled: “Need for Immediate Reconstitution of Investment and Securities Tribunal”, sponsored by Tajudeen Yusuf.
Yusuf in his lead debate emphasised the importance of the tribunal, saying it had from inception in 2007 adjudicated on matters with a cumulative value of about N400 billion.
The lawmaker explained that the IST was affected by the dissolution of Boards of MDA by the Federal Government on July 16, 2015 through a circular from the Office of the Secretary to the Government of the Federation (SGF), adding that the tribunal has not been able to sit on the many issues in the capital market. The lawmaker further explained that the absence of a tribunal for the last 18 months has resulted in about 51 pending cases.
“Due to this unfortunate situation, while many litigants are getting restive and frustrated as they cannot find any lawful avenue to ventilate their grievances, some others are mooting the idea of self-help, which is inimical to the health of the capital market and the economy.
“The Federal Government does not realise that for the capital market to play its role as an alternative source for long term capital amidst dwindling oil revenue and economic recession, there is urgent need to strengthen the IST,” he said.
The motion scaled through when Speaker, Yakubu Dogara, put it up for voice vote.