The Investments and Securities Tribunal (IST) is preparing to overhaul how it handles capital market disputes, with plans to introduce new operating rules and move more processes online.
The move is part of the Tribunal’s efforts to make it easier and faster for investors and other market participants to seek redress for disputes in the Nigerian capital market.
Chairman of the Tribunal, Hon. Aminu Junaidu, disclosed this in Abuja during a meeting with a delegation from the Chartered Institute of Stockbrokers (CIS), led by its President, Dr. Fiona Ahmed Ahimie.
Junaidu said the Tribunal’s next board meeting, to be held in Port Harcourt, Rivers State, would pave the way for adopting the new rules.
He said the digital system would reduce some of the difficulties associated with the current process and speed up case handling.
The chairman also assured that investors would not be left waiting for long periods before their disputes are resolved.
He said the Tribunal was ready to work beyond normal court days when the situation required urgent action.
‘We are even prepared to sit on weekends and public holidays where necessary to protect investors and ensure timely resolution of cases,’ Junaidu said.
The planned changes come at a time when the Nigerian capital market is seeking to attract more investors and strengthen confidence in its institutions.
Junaidu said an effective dispute-resolution system was important to achieving that objective because investors need to know that there is a place where they can seek justice when problems occur.
He also proposed closer cooperation between the Tribunal and the CIS in professional training. According to him, developing the skills of people working in the capital market is part of the Tribunal’s performance targets.
Such cooperation, he said, could improve the quality of professionals in the industry and contribute to market development.
The CIS president, Ahimie, said the Institute’s visit aimed to build a stronger working relationship with the Tribunal.
She said the two organisations had different responsibilities but shared an interest in creating a market that investors could trust.
Ahimie said the market was expanding, and investor confidence was improving, but warned that fraudulent operators and other market abuses could slow the progress.
She called for stronger cooperation between the Securities and Exchange Commission (SEC), the CIS, and the Tribunal to deal with people whose activities threaten investors and the market’s reputation.
The CIS president said the number of registered investors had reached about 2.2 million, while the industry was working towards bringing another 10 million people into the market.
She said such expansion would be sustainable only if investors were confident their money and interests were protected. This, she said, made investor education particularly important.
Ahimie said the CIS wanted to work with the Tribunal to help investors understand how the capital market operates, including how to identify legitimate investment opportunities and avoid fraudulent operators.
She also offered the Institute’s support for training programmes for Tribunal officials and other professionals, adding that some of its programmes could potentially be extended to other African markets.
However, the meeting also highlighted a problem in the existing regulatory process that could affect how quickly some disputes reach the Tribunal.
A member of the Tribunal, Hon. Felix Onwuneme, said complaints in some cases must go through the Administrative Proceedings Committee (APC) of the SEC before they can reach the IST.
He said the committee’s failure to function regularly had contributed to a backlog of complaints at the SEC.
Onwuneme said there were indications that the APC had not met for about four or five years. He explained that this could leave investors and other market participants unsure about the next step when they have unresolved regulatory complaints.
The Tribunal member, however, pointed to a provision in the Investments and Securities Act 2025 which could provide an alternative route. He said the law allows a matter to be taken to the Tribunal if the SEC fails to act within 60 days.
Despite this provision, Onwuneme said the SEC still has an important role because it can investigate complaints before they are taken before the Tribunal.
He said getting the SEC’s administrative process working properly would help ensure that complaints are examined and resolved more efficiently.
The issue is significant because delays in resolving disputes can affect how investors view the safety and reliability of the capital market.
The meeting also gave the CIS and the Tribunal an opportunity to discuss ways to maintain closer contact with stockbrokers and other market professionals.
Former CIS President and part-time member of the Tribunal, Tunde Omolegbe, urged the IST to participate in programmes and discussions organised by stockbrokers.
He said regular interaction would help professionals and the Tribunal better understand the market’s challenges.
Such meetings, he said, could also help both sides identify areas where they could jointly address problems affecting investors and market operators.
The planned changes at the IST therefore go beyond introducing a digital system. They also point to a broader effort to make the process of obtaining justice more accessible to people participating in the capital market.
As the country seeks to increase the number of Nigerians investing through the formal market, the ability to deal with disputes quickly and protect investors from fraudulent operators will remain important to sustaining confidence.
The IST and CIS said they would continue to work together on investor education, professional training and other initiatives aimed at strengthening the Nigerian capital market.