Investment Tribunal Begins E-Filing Of Cases In July
The Chairman of the Investments and Securities Tribunal (IST), Amos Azi, has described the on boarding of the IST to the e-filing platform, as a positive development that would enhance the investment climate in Nigeria.
Azi made this known in Abuja during a stakeholders’ engagement meeting towards unveiling the Tribunal’s new e-filing platform.
He stated that the initiative is poised to boost investor confidence and stimulate intentional capital investment in the country.
However, Azi issued a note of caution, stating that once the e-filing system becomes fully operational, the physical filing of cases will no longer be allowed. He said the stakeholders’ meeting was convened to ensure that legal practitioners are adequately trained on the new system.
In an interview, the Chairman of the Nigerian Bar Association (NBA), Gwagwalada Branch, Owhor Clever, appealed to the Tribunal to extend training opportunities to NBA members to ensure seamless court proceedings under the new system.
The stakeholders’ engagement on e-filing and case management also featured online participation from Abuja, Port Harcourt, and Enugu State.
The Investments and Securities Tribunal is expected to go live with the e-filing platform, barring any changes, in July 2025
Azi disclosed that the newly enacted Investments and Securities Act now prescribes punitive measures of no less than N10m against operators of Ponzi schemes.
He noted that the repealed 2007 Act did not provide for such sanctions against Ponzi scheme operators.
He emphasized that the new provisions in the Act are expected to serve as a deterrent and help tackle the menace of illegal investment operators within the capital market.
In addition to the sanctions, Azi highlighted other significant innovations introduced by the Act. These include the recognition of digital assets as securities, legal acknowledgment of cryptocurrency, and provisions for virtual service providers.
He explained that these additions allow for the establishment of virtual exchanges and broaden the Tribunal’s jurisdiction to adjudicate disputes arising in these areas—after passing through the complaint management framework.
Investment Tribunal Begins E-Filing Of Cases In July is first published on The Whistler Newspaper
