Regulatory Alerts2023-04-05
The Supreme Court Affirms the Jurisdiction of the Investments and Securities Tribunal over Capital Market Disputes
The Supreme Court of Nigeria has definitively affirmed that the Investments and Securities Tribunal holds exclusive jurisdiction over capital market disputes, specifically regarding decisions made by the Securities and Exchange Commission. This landmark ruling in Mufutau Ajayi vs SEC resolves a fifteen-year legal battle and establishes that aggrieved parties must file grievances against the Commission’s Administrative Proceedings Committee at the Tribunal rather than the Federal High Court. Consequently, capital market practitioners must now route all statutory appeals and determinations under Section 284 of the Investments and Securities Act, 2007 directly to the designated tribunal.
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