Senate Plans Constitutional Amendments To Give Investment Tribunal More Powers

The Chairman, Senate Committee on Capital Market Senator Osita Izunazor 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 Izunazor who was speaking 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.

This, he added would assist in ensuring that the IST is well positioned to deliver justice and uphold the integrity of the Capital Market eco-system.

Also, 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 boost its internally generated revenue and have more funds available for its operation, a member of the committee Senator Seriake Dickson charged the Chairman of the Investments and Securities Tribunal to send a list to the senate of organisations within the Capital Market that would be compelled to remit 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.

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.