The Investments and Securities Tribunal (IST) is set to adopt new rules of engagement and commence the digitalisation of its operations as part of measures to improve access to justice and strengthen investor protection in Nigeria’s capital market.
Chairman of the Tribunal, Hon. Aminu Junaidu, disclosed this when the President of the Chartered Institute of Stockbrokers (CIS), Dr. Fiona Ahmed Ahimie, led members of the institute on a courtesy visit to the Tribunal in Abuja , IST said in a statement.
Junaidu said the new rules would be considered after the Tribunal’s next board meeting scheduled to hold in Port Harcourt, Rivers State.
He said the digitalisation programme was aimed at improving operational efficiency, facilitating easier access to justice and protecting the integrity of the capital market.
The chairman also assured investors and other market stakeholders that the Tribunal would continue to work towards resolving cases without unnecessary delays.
According to him, the Tribunal is prepared to sit on weekends and public holidays where necessary to ensure timely resolution of cases and protect investors’ interests.
Junaidu also called for stronger collaboration between the IST and CIS, particularly in capacity building, noting that professional development formed part of the Tribunal’s key performance indicators.
He said closer cooperation between both institutions would enhance the skills and knowledge of professionals and contribute to the development of the capital market.
However, a member of the Tribunal, Hon. Felix Onwuneme, identified the inactivity of the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC) as one of the challenges affecting the flow of cases to the Tribunal.
Onwuneme said certain matters were required to pass through the SEC’s APC before they could be brought before the Tribunal, adding that the committee’s inactivity had contributed to complaints piling up at the commission.
He said there were indications that the APC had not sat for about four or five years, leaving some market participants uncertain about how to proceed when confronted with regulatory disputes.
The Tribunal member, however, noted that the Investments and Securities Act (ISA) 2025 provides that where the SEC fails to act on a matter within 60 days, the matter may proceed to the Tribunal.
Despite the provision, he said the effective functioning of the APC remained important because the SEC, as the apex regulator, possesses the investigative machinery required to examine complaints before they reach the Tribunal.
Onwuneme said the situation was affecting the number of cases reaching the Tribunal and could have implications for investor confidence in the market.
The CIS president, Ahimie, said the visit was aimed at strengthening the relationship between the two institutions, describing both as important components of the Nigerian capital market ecosystem.
She said the shared objective should be to build a transparent and investor-friendly market capable of attracting more domestic and international investors.
Ahimie said confidence was returning to the Nigerian capital market amid its growth, but expressed concern about the activities of fraudulent operators and other bad actors who could undermine the progress recorded.
She called for stronger collaboration among the SEC, CIS and IST to identify, expose and bring such operators to justice.
According to her, the market currently has about 2.2 million registered investors, with efforts underway to attract an additional 10 million.
She said the projected expansion in the investor base made it necessary to maintain a sound and credible market where investors could transact with confidence.
Ahimie said the CIS was particularly interested in partnering with the Tribunal on investor education to help market participants understand investment opportunities and avoid falling victim to fraudulent operators.
She also expressed the institute’s readiness to collaborate with the IST on training and capacity development, including exploring opportunities to extend its programmes to emerging capital markets across Africa.
Omolegbe seeks closer engagement
Also speaking, the 11th President of the CIS and part-time member of the IST, Tunde Omolegbe, urged the Tribunal to participate in major discussions and activities organised by stockbrokers.
He said such engagements would enable both institutions to better understand their respective roles and strengthen their relationship.
Omolegbe added that closer interaction would create opportunities for the CIS and IST to discuss challenges confronting the capital market and identify areas of joint intervention.
The visit ended with an exchange of gifts between the leadership of the CIS and IST, with both institutions reaffirming their commitment to closer collaboration towards the development and protection of Nigeria’s capital market.
