RMAFC commends tribunals’ contribution in resolving disputes among investors, others
By Vivian Emoni
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commended the Investment and Security Tribunal (IST) for its contribution by efficiently resolving disputes among investors, companies and individuals.
Dr Mohammed Shehu, Chairman of the commission, disclosed this when he received a delegation from the IST led by its chairman, Mr Amos Azi, on a courtesy visit, in Abuja.
Shehu said that the disputes resolution was to ensure stability in the financial sector.
“I am commending the tribunal for its critical role in Nigeria’s capital market. I am also acknowledging its global recognition as one of the leading specialised tribunals. Similar models have been adopted internationally.
“The tribunal’s significant contribution to investors’ confidence by efficiently resolving disputes among investors, companies, and individuals has, thereby, ensured stability in the financial sector,” he said.
The Chairman also reiterated the commission’s commitment to upholding its constitutional mandate of reviewing and recommending the remuneration of political, public and judicial office holders in accordance with its Act.
He assured the delegation that the commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.
He said the commission recognised the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication.
Shehu said that the role of the IST in ensuring swift and fair dispute resolution was instrumental to investors’ confidence and market stability.
“Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure that it reflects your responsibilities.
“The commission will revisit the matter with a renewed sense of urgency.
“We understand that processes like these take time, as they require comprehensive review and input from various stakeholders,” he said.
According to him, RMAFC will ensure that this matter receives the attention it deserves.
“We have within the commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review.
“Once their findings are concluded, we will make a final recommendation,” he said.
Earlier, Azi disclosed that the purpose of the visit was to seek the support of the RMAFC on remuneration.
“The purpose of our visit is to ensure that the remuneration of chairman, members and Chief Registrar of the organisation are equivalent to Chief Judge, Judges and Chief Registrar of Federal High Court respectively.
“This is enshrined in section 220 of the Investment and Security Act 2007,” he said.
Azi expressed gratitude to Shehu for the prompt attention given to the IST and praised the commission for its steadfastness and commitment to the implementation of its mandate.
“As the custodian of investment dispute resolution in Nigeria, the IST must remain a beacon of efficiency and investor confidence.
“Just as the law mandates parity in remuneration between the tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay,” Azi said.
He also highlighted the tribunal’s achievements, including the resolution of over N1.3 trillion worth of disputes in favour of investors and government agencies.
The News Agency of Nigeria (NAN) reports that the IST chairman presented Nigerian Investment and Securities Tribunal Law Reports to the commission.
The publication showcases its commitment to legal excellence and transparency in capital market adjudication. (NAN) (www.nannews.ng)
Edited by Kadiri Abdulrahman
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