FG Swears-In Chairman, Member of Investments And Securities Tribunal

The Federal Government has sworn-in Azi Isaac as Chairman and Nosa Osemwengie as member of the Investments and Securities Tribunal (IST).

Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning, Yunusa Abdullahi, made this known in a statement in Abuja.

Isaac was appointed for the first term of five years and Osemwengie was re-appointed for the second term of four years.

Speaking in at the event, the minister, Mrs Zainab Ahmed said that the tribunal now had a “full complement of 10 members in line with the enabling law, the Investments and Securities Act (ISA), 2007” with their appointment.

“It is, therefore, my hope that all the members will justify the confidence reposed in them by President Muhammadu Buhari by diligently working together to discharge the responsibilities of the tribunal.

“Your appointments have come at a time when all hands are needed to build our economy.

“As you all may be aware, the IST was first inaugurated in December 2002. It is a specialised fast-track court, established for the settlement of disputes in the capital market,” she said.

Ahmed said the investments tribunal became apparent because of the time-sensitive nature of capital market transactions, which the regular courts could not cope with.

According to her, the Tribunal is fashioned after world class tribunals like the Financial Services and Market Tribunal (FSMT) of the United Kingdom (UK) and the Market Misconduct Tribunal of Hong Kong.