By Folasade Akpan
The Investment and Securities Tribunal (IST) says that as a promoter of the integrity of the financial market, the tribunal should be listed as one of the key indicators of the ease of doing business in Nigeria.
Mr. Amos Azi, the president, said in a statement released Thursday in Abuja.
According to her, he said this when a delegation from the Chartered Institute of Arbitrators (CiArb) UK, Abuja Chapter paid him a courtesy visit.
Azi said the arbitration mix the tribunal was engaged in gave people confidence as the tribunal rulings refined the ease of doing business in the capital market.
He also said the court, which by its mandate must conclude any case before him within 90 days of the start of the hearing, was looking to use its cases to build investor confidence in the Nigerian capital market. .
Previously, Mr Sola Oluwanuga, chairman of the Abuja chapter of CiArb, UK, said the institute is keen to partner with IST and other capital market infrastructures to deepen access justice in the securities industry.
Oluwanuga also said the institute seeks to promote awareness of referees by maintaining closer relationships with institutions such as IST.
According to him, CiArb has formed a committee to work on this and hopes IST will appoint staff who will work together to explore areas of mutual collaboration for the benefit of the capital market.
The Nigerian News Agency reports that the IST, which was inaugurated in 2002, is a fast-track civil court established for the settlement of disputes in the Nigerian capital market.
It is an independent and specialized judicial body that provides an accessible, affordable, fast and efficient way to resolve disputes within 90 days.
The Ease of Doing Index is a concept established by the World Bank that measures regulations that improve business activities and those that constrain them.
In 2020, Nigeria ranked 131st out of 190 countries.
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