Senate Pushes for Inclusion of IST In Nigeria Constitution
The Chairman, Senate Committee on Capital Market Senator Osita Izunaso has promised to push for the amendment of the constitution so the Investments and Securities Tribunal which has been recognised by the Supreme Court as the sole court to handle cases of infractions in the Capital Market is recognised by the constitution.
Senator Osita Izunaso who was speaking on Monday when the Senate committee on Capital Market visited the Tribunal on an oversight visit said sections of the constitution would be amended so that IST would be mentioned in the constitution.
He said the relevant sections of the constitution that would be amended are section 6, 84, 243, 292, 294, 295 and 318.
He said the Supreme Court affirmed the IST as a court of reckon and the only way the Tribunal can enjoy the benefits of its affirmation is to have IST in the constitution.
He also revealed that there would be a master class before the end of the year and IST would be at the centre of the master class in a bid to create visibility for the Tribunal which is one of the challenges of the Tribunal as the committee is determined to ensure that IST is well positioned to deliver justice and uphold the integrity of the Capital Market eco system.
On his part, a member of the committee Senator Abba Moro representing Benue South senatorial district decried the envelop budgetary system which the senators agreed has hampered the growth and effectiveness of the Investments and Securities Tribunal.
In a bid to come up with ways on how the Tribunal can increase its internally generated revenue and have more funds available for its operation, a member of the committee Senator Seriake Dickson representing Bayelsa West charged the Chairman of the Investments and Securities Tribunal to do a document to the Senate Committee on Capital Market highlighting organisations within the Capital Market which are earning money and the committee would come up with ways by which the proposed amendments can compel them to give a percentage of their revenue to the Tribunal.
Earlier in his welcome address the Chairman, Investments and Securities Tribunal Amos Azi highlighted the major challenges of the Tribunal which are poor funding and the envelop budgetary system where all the Tribunal generates is remitted to the government.
He also made a passionate appeal for institutions who generate money from the capital market and whose cases may likely end up at the Tribunal to contribute to the funding of the Tribunal.
Highlights of the event were the presentation of the Tribunal’s law reports to the Senators and a tour round the Tribunal’s premises which the Senators agreed was in need of an upgrade.
