Constitutional Amendment: Cross River Assembly Backs Investment And Securities Tribunal

In Breaking News, Business & Economy, National News, Reports

By Ogar Monday; House of Assembly Correspondent

The leadership of the Cross River State House of Assembly on Monday gave its support to the inclusion of the Investments and Securities Tribunal (IST) in the Constitution.

The Speaker, Honorable John Lebo (PDP Abi) stated this when he received Directors of the tribunal in his office in Calabar during a courtesy call led by the chairman, Isaiah Idoko-Akoh in his office in Calabar, the state capital where he said the Assembly recognizes the role the IST plays in economic development through its mediating role.

Mr. Lebo who said that the IST bill is yet to be transmitted to the House as the bills are being sent in tranches assured Mr. Isaiah and his team of the state’s support.

Earlier, Mr. Isaiah averred that the tribunal was created by an act, with a huge responsibility of mediating and restoring confidence in the capital market and disclosed that their visit was to seek further support to ensure the IST bill is passed and assented to.

“The IST is an organ of the Federal Government under section 3, 7, 4 of the investment and securities act 2007 to arbitrate on matters and dispute that arise in the capital market.

“These include disputes between operators and clients, dispute between the operators and even the regulators. It was put in place to restore and instill investors’ confidence in the market” he said.

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