The Investments and Securities Tribunal (IST) is set to adopt new Rules of Engagement after its next board meeting in Port Harcourt, Rivers State, as part of plans to improve its operations and commence the digitalisation of its processes.
The 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 at the weekend.
Junaidu said the digitalisation initiative was aimed at improving the efficiency of the Tribunal, facilitating access to justice and strengthening the integrity of the Nigerian capital market.
He also assured investors and other market stakeholders that the Tribunal would continue to prioritise the timely resolution of cases, noting that it was prepared to sit on weekends and public holidays where necessary.
According to him, the move was necessary to protect investors and prevent unnecessary delays in the determination of cases.
The IST chairman also expressed the Tribunal’s readiness to deepen its collaboration with the CIS, particularly in capacity building, which he identified as one of the Tribunal’s key performance indicators.
He said stronger collaboration between both institutions would enhance the knowledge and skills of professionals in the capital market and contribute to the development of the sector.
Speaking during the visit, the CIS President, Ahimie, said the engagement was aimed at strengthening the relationship between the two institutions, describing both as important components of the Nigerian capital market ecosystem.
She said, “The collective objective of the CIS and IST should be to build a Capital Market that is transparent, investor friendly and capable of attracting more investors.”
Ahimie noted that the Nigerian capital market was growing and that investor confidence was returning, but warned that the activities of fraudulent operators could undermine the progress being recorded.
She called for stronger collaboration among the Securities and Exchange Commission, CIS and IST to identify, expose and prosecute individuals whose activities could undermine the market.
According to her, about 2.2 million investors are currently registered in the Nigerian capital market, while efforts are underway to attract an additional 10 million investors.
She said the growing number of investors made it necessary to maintain a credible market where participants could have confidence.
The CIS president also expressed the institute’s willingness to collaborate with the IST on investor education, saying this would help investors understand the market and avoid falling victim to fraudulent operators.
She added that the CIS was prepared to support the Tribunal’s training and capacity-building programmes, including the possibility of extending such initiatives to other emerging African capital markets.
Meanwhile, a member of the Tribunal, Hon. Felix Onwuneme, identified the inactivity of the Administrative Proceedings Committee (APC) of the Securities and Exchange Commission as one of the challenges affecting the tribunal’s caseload.
Onwuneme explained that certain matters were required to pass through the SEC’s APC before they could be brought before the Tribunal, adding that the inactivity of the committee had contributed to complaints piling up at the commission.
He said there were indications that the APC had not sat for the past four or five years, leaving some market participants uncertain about how to proceed when faced with regulatory challenges.
However, Onwuneme noted that the Investments and Securities Act 2025 provides that where the SEC fails to act on a matter within 60 days, the matter may proceed to the Tribunal.
He nevertheless stressed the importance of an effective APC, arguing that the SEC, as the apex regulator, has the investigative capacity to properly examine complaints before they reach the Tribunal.
According to him, the situation affects the number of cases reaching the Tribunal and could have implications for investor confidence.
Also speaking, the 11th President of the CIS and a part-time member of the IST, Tunde Omolegbe, urged the Tribunal to participate in important discussions and activities organised by the institute.
Omolegbe said such engagements would enable both institutions to better understand their respective roles, strengthen their relationship and identify solutions to challenges confronting the capital market.
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 the Nigerian capital market.
