The Chief Judge (CJ) of Rivers, Justice Adama Iyayi-Lamikanra, has suggested the use of Alternative Dispute Resolution (ADR) mechanisms in resolving matters arising from investment and securities.
Iyayi-Lamikanra made the suggestion at the opening of the 2018 Investment and Security Tribunal (IST) workshop on Tuesday in Port Harcourt.
She said the mechanisms would ensure quick dispensation of justice in such matters.
“ADR will ensure timely and speedy dispensation and settlement of disputes arising from investment and securities,’’ she added.
She said that although the IST provided lawyers and investment stakeholders the opportunity to resolve their disputes through a civil court, it was not without the usual delays in proceedings.
In his address, the Chairman, Security and Exchange Commission (SEC) Siaka Idoko, said the IST provided the investing public an ample legal space to adjudicate on investment and securities disputes.
“When investment is concerned, time is very important and this tribunal provides the opportunity for speedy dispensation of matters in a manner the regular courts cannot.
“This workshop will bring lawyers and other stakeholders in this sector together; the sessions will be enriching and we all need to make use of this opportunity,’’ he said.
Also speaking, the Chairman of the Port Harcourt branch of the Nigerian Bar Association (NBA), Sylvester Adaka, said the establishment of the tribunal enlarged the markets available to lawyers.
“Instead of taking investment and securities matters to the regular courts, the IST provides another field of practice for the lawyer.
“As lawyers, we must tap into the opportunities provided by the establishment of the IST to ensure speedy and timely dispensation of investment and securities cases,’’ he said.
The News Agency of Nigeria (NAN) reports that the IST is established by Section 274 of the Investment and Securities Act of 2017.
The tribunal is empowered to play the role of both original and appellate jurisdictions in investment and securities matters.