The coordinating Minister for the Economy/Minister of Finance, Dr. Ngozi Okonjo-Iweala on Wednesday presented a memorandum to the Federal Executive Council (FEC) to approve the award of a contract to procure a temporary office space for the Investments and Securities Tribunal (IST).
Supervising Minister of Information, Edem Duke, who made this known shortly after the weekly FEC meeting in Abuja, said “The tribunal has over the years been grappling with the challenge of regular payment of rent on its office accommodation as well as threats of eviction from the rented office accommodation which has become an annual occurrence with the attendant embarrassment”.
The Tribunal is an independent specialised judicial body established to interpret and adjudicate all capital market, investments and other related matters.
While briefing State House correspondents, Minister of Trade and Investment, Olusegun Aganga also revealed, that the FEC approved N2.44 billion for the procurement, installation and training of auto-testing laboratories equipment and tools.
According to Aganga, the tools are to be installed in designated auto-testing laboratories in Lagos, Enugu and Zaria. He said the procurement would help ensure vehicle safety and environmental protection as well as the quality of automative products in Nigeria.