The Investments and Securities Tribunal (IST) is set to adopt new Rules of Engagement and commence the digitalisation of its processes as part of measures to improve efficiency and strengthen access to justice in Nigeria’s capital market.
Chairman of the Tribunal, Hon. Aminu Junaidu, disclosed this in Abuja at the weekend 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.
Junaidu said the Tribunal would adopt the new Rules of Engagement after its next board meeting scheduled to hold in Port Harcourt, Rivers State.
He said the planned digitalisation of the Tribunal’s processes was aimed at improving operational efficiency, facilitating access to justice and strengthening the protection of the Nigerian capital market.
The Chairman assured investors and other market stakeholders that the Tribunal remained committed to resolving cases without unnecessary delays. He added that the Tribunal was prepared to sit on weekends and public holidays where necessary to protect investors and ensure the timely resolution of cases.
Junaidu also expressed the Tribunal’s readiness to deepen collaboration with the CIS, particularly in capacity building, noting that professional development was one of the Tribunal’s Key Performance Indicators.
He said stronger collaboration between both institutions would enhance the skills and knowledge of professionals in the capital market and contribute to the overall development of the sector.
Speaking earlier, the CIS President, Ahimie, said the visit was aimed at strengthening the relationship between the two institutions, which she described as important components of the Nigerian capital market ecosystem.
She said the collective objective of the CIS and IST should be to build a transparent and investor-friendly capital market capable of attracting more investors.
According to Ahimie, confidence was returning to the Nigerian capital market as the sector continued to grow, but she expressed concern over the activities of fraudulent operators and other bad actors capable of undermining the progress being recorded.
She called for stronger collaboration among the Securities and Exchange Commission (SEC), CIS and IST to identify, expose and bring such operators to justice.
Ahimie disclosed that there were currently about 2.2 million registered investors in the Nigerian capital market, with efforts underway to attract an additional 10 million investors.
She said the increasing number of investors made it imperative to maintain a sound and credible market where participants could operate with confidence.
The CIS President also expressed the Institute’s willingness to collaborate with the Tribunal on investor education, particularly in helping investors understand the workings of the market and avoid falling victim to fraudulent operators.
She further offered the Institute’s support for training and capacity-building initiatives, including the possibility of extending some of its programmes to emerging capital markets across Africa.
Meanwhile, a member of the Tribunal, Hon. Felix Onwuneme, identified the inactivity of the Administrative Proceedings Committee (APC) of the SEC as one of the challenges affecting the Tribunal’s operations.
Onwuneme explained that certain matters are required to pass through the SEC’s APC before they can proceed to the Tribunal, adding that the inactivity of the committee had resulted in complaints piling up at the Commission.
He said there were indications that the APC had not sat in the past four or five years, leaving some market participants uncertain about the appropriate steps to take when confronted with regulatory disputes.
However, Onwuneme noted that the Investments and Securities Act (ISA) 2025 provides that where the SEC fails to take action on a matter within 60 days, the matter can proceed to the Tribunal.
He nevertheless stressed the need for the APC to function effectively, arguing that the SEC, as the apex regulator, possesses the investigative machinery required to properly examine complaints before they are brought before the Tribunal.
According to him, the situation could affect the number of cases reaching the Tribunal and potentially have implications for investor confidence in the market.
Also speaking, the 11th President of the CIS and a part-time member of the IST, Tunde Omolegbe, urged the Tribunal to participate in future activities and engagements organised by the stockbrokers’ institute.
Omolegbe said such engagements would provide opportunities for both institutions to better understand their respective roles and strengthen their working relationship.
He added that closer interaction between the CIS and IST would also create a platform for discussing challenges affecting the capital market and identifying areas for 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 deeper collaboration towards strengthening, developing and protecting Nigeria’s capital market.
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