Nigeria is an investment friendly destination- Hon Azi

Nigeria is an investment friendly destination- Hon Azi

By, Daniel Kura

The Chairman Chief Executive Office (CEO) of the Investment and Security Tribunal Abuja, Hon. Amos Isaac Azi Esq, has disclosed that Nigeria is an investment destination. 

Hon Azi made the statement while briefing news men in Jos,  shortly after he paid a courtesy visit to the Plateau State Chief Judge, Justice Yakubu Dakwak in his office, at the Plateau State High Court premises today Friday 18, September 2020.

Hon. Azi said, Investment and Security Tribunal is an institution that was established for a specific responsibilities, specifically designed as a judicial body that is established to handle investment's disputes in the country.

He further disclosed that this is an institution established to show to investors all over the world that Nigeria is an investment destination. That once they have issues a special court is established that will deal with their issues within a specific period of time. 

And is a tribunal, and so therefore devoid of the technicalities of the normal court processes. 

The Chairman also reveals that every foreign investor, or domestic investor before he invest in any economy of a country, he want to understand and know, in case of a  disagreement do he go to normal judicial processes, that is over burden with technicalities, is over burden with work load and so it will take unnecessary time for resolution. And so the government look into it and say yes investment is security, is a special investment because the capital market is the winder for economic development of every nations. No nation develop without the support from the capital market.

And the capital market is that platform that enables countries and cooperates organizations to access cheap funds from the public, and so when people put in their money to invest in such securities so therefore is an investment. They are not NGO's they want to make profits and and most of this transaction are time bound with specific mandate of what they want to do. 

Speaking on the establishment of Nigeria Investment and Security Tribunal, Hon Azi revealed that the institution was established in the year 2003, and is the first in Africa with the purpose of settling investment disputes within 90 days. 

And is established within the same structures, that you have the financial misconduct tribunal in UK, you have the capital market appealed tribunal in India, so there are only four of them in the world. 

"And so Nigeria is therefore rank as a friendly investment destination in the ranking, it is very challenging responsibility, expectations are high both from the Government and the investor and that is why I want to call for people to pray me".

Also speaking on how investors can access the tribunal in case of any eventuality, Hon. Azi stated that they deal with transaction in capital market, you have the regulators and the SRO, the apex regulators is the Security and Exchange Commission, then you have the others regulators like the stoke exchanges where they also dwell as SRO's because they admit members base on specific requirements that you need to fulfilled.

He also stated that so if any of the investors have a problem, he or she will first approach the Security and Exchange Commission, and if his or her problem is not attended to within 30 days, the person can now approach the tribunal, and then the tribunal will handle the matter devoid of technicalities, of judicial processes, one because if there is a dispute between members of any of the exchange SRO's in the capital market then they can now also approach the tribunal for adjudication.

If the regulator, that is SEC directs any of its registrants to do something and they feels that it is not fair they can now approach the tribunal for redress, so generally the investors have access to tribunal. In a very simple way, you can approach the tribunal directly, and when you approach the tribunal, the tribunal have a window of ADR , where you will be invited to resolve the problem amicably first, because litigation has its own side effects.

It breaks business relationships, so at the tribunal, we encourage the tribunal window of ADR so you can resolve your issue amicably, and they maintain the business relationship. But when that fails, the the tribunal can decide on the matter like I said devoid of technicalities. We look at the facts on ground.

In his disclosure, the Tribunal Chairman further revealed that the Investment and Security Tribunal have court in Kano, Laogos, Enugu and Port  Harcourt, but he call on the Plateau State Government through the Plateau State judiciary to partner with them to give them accommodation to establish one in Plateau. 

Also Hon. Azi paid a similar visit to the Plateau State Sharia Court Grand Khadi Justice Umar Ibrahim Abdulahi and the Plateau State President of the Customary Court,  Justice P. S. Dapit all to appreciate them of their show of love toward him during his appointment by President Muhammadu Buhari as the Chairman Investment and Security Tribunal, whom he said they all trooped to his office to congratulates him.