The Chairman, Senate Committee on Capital Market, Sen. Osita Izunazor, has promised to push for the amendment of the Nigerian Constitution with a view to making provisions for the Investments and Securities Tribunal (IST) based on its recognition by the Supreme Court as the sole court to handle cases of infractions in the nation’s capital market
The lawmaker, who was speaking on Monday when the Senate committee on Capital Market paid an oversight visit to the Tribunal, pointed out that some sections of the Constitution would be amended so that IST would be provided for in the Constitution.
He identified some of the relevant sections of the Constitution that would be amended as Sections 6, 84, 243, 292, 294, 295 and 318, stressing that based on the apex court’s judgement, the only way the Tribunal can enjoy the benefits of its affirmation is to have IST in the constitution.
Izunazor also revealed that Master Class would be organized before the end of the year and IST would be at the centre of the master class in a bid to create visibility for the Tribunal, as lack of visibility in the public space remained one of the challenges of the Tribunal.
According to him, the committee is determined to ensure that IST is well positioned to deliver justice and uphold the integrity of the Nigerian capital market ecosystem.
A member of the committee, Senator Abba Moro, decried the envelope budgetary system which the senators agreed had hampered the growth and effectiveness of the Investments and Securities Tribunal.
In a bid to come up with ways on how the Tribunal can increase its internally generated revenue and have more funds available for its operation, another member of the committee, Sen. Seriake Dickson, charged the Chairman of the IST to forward a proposal to the Committee, highlighting organisations within the capital market that are earning revenues to enable the committee come up with ways by which the proposed amendments can compel them to remit a percentage of their revenues to the Tribunal.
Earlier in his welcome address the IST Chairman, Mr. Amos Azi, highlighted the major challenges of the Tribunal, including poor funding and the envelope budgetary system, which makes it mandatory for the Tribunal to remit all revenues generated to the Federation Account.
He appealed for institutions which generate incomes from the capital market and which cases may likely end up at the Tribunal to contribute to the funding of the Tribunal.
The key highlights of the event included the presentation of the Tribunal’s law reports to the lawmakers and a tour around the Tribunal’s premises, which the lawmakers was in need of an upgrade.
