An Analysis Of The Legal Status Of The Investments And Securities Tribunal Vis-À-Vis The Judicature Provisions Of The 1999 Constitution Of Nigeria

📄 Project Abstract

Owing to increase in investment opportunities occasioned by the economic reforms of the last decade in Nigeria, the need had arisen for a judicial mechanism to strengthen market regulations. As a result, the Federal Government, following the recommendations of the Chief Denis Odife Report, introduced measures that enhanced the powers of the Securities or Exchange Commission (SEC) and established the Investments and Securities Tribunal (IST) by the instrumentality of the Investments and Securities Decree 1999. The Decree was repealed by the ISA No. 29 of 2007, the current law on the subject. The thesis examines the status of the IST as established by the ISA 2007 especially in relation to the judicature provisions of the 1999 constitution. Contradictions exist in the jurisdiction of the IST and that of the Federal High Court. The ISA confers concurrent jurisdiction on both the IST and the Federal High Court. Whereas the jurisdiction of the Federal High Court is exclusive and conferred b...