Govt Reconstitutes Investment and Securities Tribunal

  • Govt Reconstitutes Investment and Securities Tribunal

The Federal Government has reconstituted the Investment and Securities Tribunal as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy.

The tribunal was dissolved in compliance with the Federal Government’s directive on dissolution of boards of parastatals, agencies, institutions and government-owned companies conveyed in circular Ref. No. SGF.19/S:18/XIX/964 dated October 16, 2015.

The reconstitution and inauguration of the IST is expected to enhance its effectiveness and efficiency in handling the daily rising number of new cases in the capital market.

The reconstituted 10-man tribunal, which has Siaka Isaiah Idoko as the chairman, was inaugurated on Tuesday by the Minister of Finance, Mrs. Kemi Adeosun.

Speaking at the inauguration, the minister said the delay in reconstituting the tribunal was to enable the government to carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.

Adeosun expressed confidence that the tribunal would work assiduously to restore the confidence of the capital market operators and the investing public, which might have been dampened by the delay in the dispensation of justice during its absence.

Meanwhile, the Acting Secretary to the Government of the Federation, Mrs. Habiba Lawal, on Tuesday, inaugurated the board members of the National Salaries, Incomes and Wages Commission in Abuja on behalf of President Muhammadu Buhari.

The board members will serve for an initial five-year term, which is renewable at the discretion of the President.

Lawal informed the board members that their appointment was sequel to the dissolution of the boards of Federal Government parastatals, agencies and government-owned companies in 2015.

She stated that the board inauguration was necessary to enable the commission to carry on with its mandate in accordance with Section 2 of the National Salaries, Incomes and Wages Commission Act, 2004, a statement by the Assistant Director, Press, SGF Office, Mohammed Nakorji, explained.

Lawal further said that the role of the commission was vital to a stable polity in view of the agitations in the country over salaries and wages in the public and private sectors.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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