By Folasade Akpan
The Investments and Securities Tribunal (IST) says as a promoter of financial market integrity, the tribunal should be listed as one of the key indicators of ease of doing business in Nigeria.
Mr Amos Azi, the Chairman, said this in a statement issued on Thursday in Abuja.
According to it, he said this when a delegation from the Chartered Institute of Arbitrators (CiArb) UK, Abuja Chapter paid him a courtesy visit.
Azi said that the the blend of arbitration the tribunal was into had given people confidence in it, as the decisions of the tribunal had fine-tuned the ease of doing business in the capital market.
He also said that the tribunal, which by its mandate must conclude any case before it within 90 days from the commencement of hearing, was looking at how to utilise its cases to boost the confidence of investors in the Nigerian capital market.
Earlier, Mr Sola Oluwanuga, the Chairman, CiArb, UK, Abuja Chapter said the institute desires to partner with the IST and other capital market infrastructure to deepen access to justice in the securities industry.
Oluwanuga also said that the institute sought to promote awareness about arbitrators by maintaining a closer relationship with institutions such as the IST.
According to him, CiArb has constituted a committee to work on this and hopes IST will nominate a staff that will work to join hands to explore areas of mutual collaboration in the interest of the capital market.
The News Agency of Nigeria (NAN) reports that the IST which was inaugurated in 2002, is a fast-track civil court established for the resolution of disputes in the Nigerian capital market.
It is an independent and specialised judicial body which provides an accessible, affordable, timely and efficient means of resolving disputes within 90 days.
The ease of doing index is a concept established by the World Bank which measures the regulations that enhances business activities and those that constrain it.
In 2020, Nigeria ranked 131 out of 190 countries. (NAN)