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By Oluwakemi Kindness
The Investments and Securities Tribunal (IST), says the newly enacted Investments and Securities Act prescribes punitive measures of no less than ten million naira against operators of Ponzi schemes.
This is according to the Chairman of the IST, Amos Azi, who stated this at the weekend in Abuja during a stakeholders’ engagement meeting towards unveiling the Tribunal’s new e-filing platform.
He notes that the repealed 2007 Act did not provide for such sanctions against Ponzi scheme operators.
He emphasizes 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.
A statement on Monday by the Tribunal says in addition to the sanctions, Azi highlightes 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 explaines 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.
Speaking on the on boarding of the IST to the e-filing platform, Azi describes it as a positive development that would enhance the investment climate in Nigeria.
He states that the initiative is poised to boost investor confidence and stimulate intentional capital investment in the country.
However, Azi issues 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 says the stakeholders’ meeting was convened to ensure that legal practitioners are adequately trained on the new system.
Meanwhile 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.
Written by: Democracy Radio
#Investment Tribunal #IST #SEC
Copyright Democracy Radio -2024