Investments & Securities Tribunal Activities Update

UPDATE ON THE ACTIVITIES OF Investments & Securities Tribunal Investments & Securities Tribunal PRESENTED AT THE CAPITAL MARKET COMMITTEE MEETING IST-Dispensing Justice without Fear or Favour November 9, 2017

Introduction Establishment: IST was established pursuant to the Investments & Securities Act (ISA) 2007 To Determine capital market disputes brought before it within 90 days; To interpret any laws, rules or regulation as may be applicable; To Evolve a transparent and secured financial sector that is responsive to the rule of law. MISSION To provide efficient resolution of Capital Market disputes with fairness, flexibility and transparency VISION To be a world class Capital Market Tribunal that is fair and transparent, dispensing justice without fear or favour Activities : Inauguration: The new Tribunal members were appointed on the 1st of August 2017 and inaugurated on the 19th September, 2017 by the Hon. Minister of Finance, Mrs Kemi Adeosun . Public Enlightenment: As a form of investors reawakening, the Tribunal commenced intensive public enlightenment campaign through electronic and print media to re-launch her operations to the investing public eg publishing of its cause lists in may print media, electronic coverage of inaugural Tribunal sittings in Abuja, Lagos, Enugu and Kano etc 2 IST-Dispensing Justice without Fear or Favour!

Adjudicatory Activities The Tribunal commenced its inaugural sitting in the following location as follows: S/N LOCATION DATE 1 HEAD OFFICE ABUJA 9-10 OCT. 2017 2 LAGO S ZONAL OFFICE 12-13 OCT,2017 3 ENUGU ZONAL OFFICE 17 OCT, 2017 4 KANO ZONAL OFFICE 19 OCT , 2017 The Tribunal has over 53 cases including originating Applications, Appeals and about 150 Motions worth over N60.3 billion pending while some cases to be resolved through its ADR window are also pending; ( see case summary table) S/N Description Number 1 Cases Filed in 2017 7 2 Cases Filed in previous years 48 3 Notice of Appeal 9 4 Originating Applications 46 5 No of Cases Disposed off in 2017 2 7 No of pending Rulings 8 8 Total no of cases pending as at 8/11/17 53 1 Cases Filed in 2017 7 Consistent participation in the Capital Market Committee Meetings; Shared ideas on policies that can stimulate, deepen and strengthen the capital IST-Dispensing Justice without Fear or Favour! market; 3

Challenges Lack of Enforcement Powers: The Tribunal by virtue of ISA 2007 has no enforcement powers and enforcement of its judgment lies with the Federal High Court . This hampers investors confidence on the Tribunal Inadequate Office Space: The Head office lacks space for befitting Courtroom and offices for staff Inconsistent release of budgetary allocation hinders smooth operation. Public Awareness:- Need for nationwide sensitization of stakeholdersto re-launch her operations Conclusion: Due to the period of inactivity resulting from the delay in the appointment of members, investors whose cases were pending for the last two years have lost confidence in the Tribunal, But with the advent of the new Tribunal and all the modalities in place, the Tribunal is well positioned to perform its functions, and ensure the development of capital market and capital market jurisprudence to regain the lost confidence 4 IST-Dispensing Justice without Fear or Favour!