NBA, Investments Securities Tribunal partner on training for lawyers

By Cecilia Ijuo/Wando Sombo

The Nigeria Bar Associaton(NBA), Abuja Branch, on Wednesday organised a capacity building workshop in partnership with Investments and Securities Tribunal(IST) on training lawyers on practices and procedures of the IST.

In his remarks, the NBA Chairman, Afam Okeke, said it was an opportunity for lawyers within the Federal Capital Territory(FCT) to familiarise themselves with workings of the tribunal.

He also said the training was organised to ensure that lawyers in Abuja were equipped with the right knowledge to respond to capital market issues.

Okeke said with the Nigerian capital market ranking fourth best on the global market index as reported by Bloomberg,
there was likelihood of increase in legal disputes.

He said in view of that there was a need for lawyers to equip themselves to remain relevant.

“Lawyers have enormous roles to play in hedging the risks that clients both domestic and foreign may incur from using the capital market.

“There is therefore no doubt that this workshop holds huge potentials for law practitioners.

“We must be seen to be leading discourse in this area and for that I commend the timeliness of this training,”he said.

The chairman said the NBA would continue to prioritise capacity building for its members.

Okeke added that the NBA had held trainings in diverse areas such as construction law, impactful writing for lawyers among others.

“As lawyers, the importance of staying relevant in our diverse areas of practice through capacity building and skills upgrade cannot be overemphasised.

“The capital market landscape in Nigeria and indeed globally is a dynamic one.

“As it keeps evolving, we will be confronted with disputes and conflicts that test our knowledge of the law on current and emerging areas.

“As such, we must at all times be prepared to apply
ourselves to such contestations,”he said.

The Chairman of the IST, Mr  Amos Azi said the tribunal has recorded successes since inception.

He said, “we are proud to say that from the establishment of the tribunal till date it has adjudicated cases that the value is put at about N900 billion.

“We are also proud to say none of the tribunal decisions has been overturned by a superior court.

“All cases that have gone beyond the tribunal were mainly centered on jurisdiction and technical issues.

“The establishment of the tribunal has also placed Nigeria on a global stage in the global capital market among others.”

The chairman said it was important for lawyers to develop interest in the capital market in view of its enormous benefits.

On activities of the tribunal, Azi said it was established with the exclusive jurisdiction to resolve disputes in the capital market.

Mr Lamido Yuguda, Director-General, Securities and Exchange Commission(SEC), said capacity building was important to equip lawyers appearing before the IST.

“Lawyers are important in the capital market and as such they should be able acquaint themselves with knowledge on the practices and procedures of appearing before IST.

“It is a welcome development that the workshop is coming at a time when the IST has commissioned its practice document.

Yuguda, who was represented by Mr Reginald Karawusa, SEC Executive Commissioner, Legal and Enforcement, said the workshop was timely.

He said SEC would be ready to support the NBA and IST and also share in the knowledge gained from the workshop.

“The knowledge which participants will gain from this workshop will no doubt enhance the understanding of lawyers on dispute resolution mechanism and capital market adjudicatory processes,”he said.

The News Agency of Nigeria(NAN) reports that various papers were presented at the workshop.

One of the papers was on “Transactions and Dispute Resolution in Nigerian Capital Market:Role of Legal Practitioners”.

Also, the topics “The Status, Jurisdiction and Powers of Investments and Securities Tribunal” and “Practice and Procedure of Investments and Securities Tribunal” were discussed.

(NAN)