The Investments and Securities Tribunal (IST) has pledged to complete adjudication into 54 capital market cases pending before it across the country within three months.

The Chairman of IST Tribunal, Siaka Idoko-Akoh, made the pledge in Enugu on Tuesday during the maiden sitting of the newly constituted 10-man tribunal in the state.

The News Agency of Nigeria (NAN) reports that the new 10-man IST tribunal was reconstituted in August and sworn-in in Sept. 19 in Abuja.

NAN reports that the tribunal will oversee cases in IST courts in four locations of Lagos, Abuja, Kano and Enugu.

Idoko-Akoh said that the 10-man tribunal had been mandated to finish all capital market cases involving the capital market operator, the Security and Exchange Commission (SEC).

The chairman said that the capital marketers include brokers, operators and clients and assured that it would finish the cases within three months.

He said that the judgment of the tribunal could only be retried at the Appeal Court and subsequently Supreme Court.

The chairman, however, said there was an ongoing bill to amend the tribunal’s act so that its cases ended at the Appeal Court level.

“I am assuring you that within three months we must dispense each of the cases before us now throughout the country.

“We tend to achieve this by going straight to the merit of each case as we have seasoned legal luminaries and capital market operators as members of the tribunal.

“So, we will not entertain frivolous petitions and complainants or even plea for adjournment from the complainants and defendants.

“We will divide the 10-man tribunal into smaller panels in order to facilitate the process and meet up with the target of three months,’’ he said.

The chairman said that capital market cases needed to be dispensed very fast to enhance growth in business and capital market.

He said that the tribunal would serve for five years adding that it was the reason it swung into action considering the short life-span of the tribunal.

“Those who constituted the panel have confidence in our ability to deliver and reposition the IST and we promise not to fail,’’ he added.

NAN reports that the tribunal entertained two cases with suit number IST/EN/OA/02/14 involving one Dr Okam Kalu Ugwu and Securities and Exchange Commission and four others.

The other case was suit number IST/EN/OA/04/13, George Nnona versus Guaranty Trust Bank PLC and four others.

The two suits were adjourned to Nov. 6 for accelerated hearing on both matters.