The Investments and Securities Tribunal (IST) is seeking to collaborate with the Enugu State government in areas of mutual interests that would contribute to the ease of doing business and boost economic activities by encouraging people to invest in the state.
This development was disclosed on Thursday by the Chairman, Amos Azi, when he led a delegation of the tribunal on a courtesy visit to the Enugu State governor, Dr. Peter Mbah, at the Government House, Enugu.
The IST Chairman, who expressed delight over the victory of the governor at the Supreme Court, further commended his administration for the laudable achievements recorded in less than one year in office.
According to him, the IST is a specialized fast-track civil court established pursuant to section 274 of the Investments and Securities Act 2007 for the resolution of disputes arising from investments and securities transactions in the Nigerian Capital Market as part of the Federal Government’s reform initiative for the financial sector.
While stating that the Enugu Zonal Office was established in 2009 with a view to reducing costs to prospective litigants and creating affordable access to justice, considering the strategic and unique role the state has been playing in the zone, the Chairman bemoaned that its zonal office had been operating in a rented residential apartment with perennial increment and other costs.
“The Tribunal has since its inception in Enugu adjudicated over 30 cases with a collective monetary value of about ₦1.2 billion, and it is hoped that with an adequate enabling environment and stakeholders engagement, the Tribunal is likely to witness a deluge of cases, which will serve to address the concerns of many investors thus boosting economic activities not just in Enugu State but the entire South East geo-political and economic zone,” he added.
He also called on the people of the state and the entire zone to consider investing in the capital market as that would expand their economic base, saying acquiring shares in performing companies would yield good dividends for them.
Reacting, Mbah reiterated the administration’s commitment to partnering with every institution that would add value to the state, adding that Enugu State had been supporting a large number of federal agencies operating in the state over the past years.
Mbah, who was represented by the Deputy Governor, Ifeanyi Ossai, assured of continuous collaboration with the tribunal and other agencies as the relationship would foster economic and investment justice, reinforce investor’s confidence and facilitate quick resolution of disputes.
“This courtesy call exemplifies our commitment to fostering collaboration and promotion of investment justice. It also speaks to our fidelity to investment agreement, honest and quick resolution of investment dispute, financial and economic stability especially as we work assiduously to grow the economy of our state from $4.4 billion to $30 billion,” he maintained.
Mbah called on investors to see the state as the most investor-friendly state with the recent reforms in all the MDAs that would encourage the ease of doing business.
“Our administration remains steadfast in creating an environment conducive to investment, and the insights shared during this engagement will undoubtedly contribute to the formulation of policies geared towards making Enugu State the choice destination for investors,” the governor added.