Capital Market: IST Concludes Retreat in Kaduna, Reaffirms Commitment to Highest Standards of Legal Research, Judicial Reasoning 

Capital Market: IST Concludes Retreat in Kaduna, Reaffirms Commitment to Highest Standards of Legal Research, Judicial Reasoning 

The Investments and Securities Tribunal (IST), concluded a 3-day workshop in Kaduna with a commitment to uphold the highest standards of legal research and judicial reasoning in decision making  and leverage on the various tips outlined for building entrepreneurial skills.  

In a communique issued at the end of a retreat on the theme “Value Addition to IST through Legal Research, Reasoning and Entrepreneurial Skills” held at Quarter House Hotel, Kaduna,the members during the programme reflected on the journey of the Tribunal so far in the roles of Members as adjudicators, recommit to better service delivery, whilst reinvigorating their passion for sustaining investors’ confidence in the Nigerian Capital Market.

The communique further reads :”The retreat is further aimed at keeping the Members abreast of the latest legal developments with a view to honing their analytical abilities and judicial reasoning skills through research, which will ultimately ensure that the judgments and decisions of the Tribunal are logical, coherent, and legally sound.

“The inclusion of entrepreneurial skills was to enable members build capacities and competencies that will be relevant both in and out of service.

“The objective of the retreat is two-fold:Capacity Building for Members of the IST to add value to the Tribunal and for their personal Success and Development; And reflect on Developments at the IST and plan for the Future towards Promotion of the Mandate of the Tribunal.Two papers were delivered as follows:Legal Research and Reasoning for Courts and Tribunals with Reference to Investments and Securities Tribunal: By Professor Rabiu Sani Shatsari of the Department of Public Law, Bayero University Kano (BUK).Entrepreneurship Skills for Serving and Retired Political Appointees with Focus on  Soft Skills for Judges: By Professor Abdullahi  Muhammed of the Department of Public Administration of Nasarawa State University, Keffi (NSUK)At the conclusion of the workshop held on Monday 16 – Wednesday 18, December, 2024 at Quarter House Hotel, Kaduna

“The following resolutions were reached.KEY TAKEAWAYS:A definition model which sees legal research as “the process of identifying and retrieving information necessary to support legal decision-making” was adopted.There is a distinction between the nature and extent of research of a trial judge and that of an appellate judge, for which the IST Members perform as both trial and appellate judges. It was noted that whilst both will necessarily do research in the context of the issues to be decided, a trial judge’s research is likely to be more of a routine thing than that of an appellate judge, who due to the relative seriousness and complexity of the matters before him, will be duty bound to engage in a more advanced kind of research.A judge unlike a legal scholar is regarded as a passive researcher   because he “cannot on his own either ascertain law or legal principles or apply them unless someone calls upon him to do so by invoking his jurisdiction.”Legal authorities are usually categorized as either primary or secondary.

“Primary legal authorities, because they are sometimes regarded as binding, enjoy higher degree of status than secondary ones in terms of the power to influence legal decisions.By the nature of the tribunal’s job, Mersky and Dunn research methodology is most apt; as it requires the researcher to :Identify and analyse the significant facts.Formulate the legal issues to be researched.Research the issues presented.Update.

“There is a dire need for the observance of the doctrine of judicial precedent or stare decisis in our judicial process.A judgment of any court is authoritative only as to that part of it, called ratio decidendi, which is the principle considered to form the real basis of the decision in question. 

“On entrepreneurship, an entrepreneur is primarily regarded as someone who has the ability to identify needs and work towards solving such needs as they are problem solvers.It was noted that in starting a business, finance should not necessarily  be the first consideration but rather the articulation of a workable idea that will eventually attract funding.Business ideas could be generated via meaningful interaction with others; business ideas are also actionable dreams, i.e. putting flesh to your dreams.

“There is a need to have trusted and reliable hands to manage your business but such managers should be made to have a stake in the business i.e. be part-owners of the business. In that way their loyalty and commitment is secured.You must be humane towards your staff, by showing some empathy in your dealing with them.Entrepreneurs go alone but businessmen go together.

“The Tribunal in the course of the retreat paid a courtesy visit on the Chief Judge of Kaduna State, who warmly welcomed the Members and Management and promised to collaborate with the Tribunal

“By adopting this communique we reaffirm our commitment to upholding the highest standards of legal research and judicial reasoning in decision making at the IST and also leverage on the various tips outlined for building entrepreneurial skills.”