The Supreme Court has affirmed the Investments and Securities Tribunal’s (ISTs) jurisdiction over capital market disputes in the country.
Director General of the SEC Mr. Lamido Yuguda, who disclosed this during an interview while reacting to the judgement, said the landmark decision confers exclusive jurisdiction on the IST to determine all issues listed in Section 284 of the Investment and Securities Act (ISA) 2007.
He said, “On January 13, 2023, the Supreme Court of Nigeria delivered a landmark decision with enormous implication for capital market dispute resolution.
This was in the case of Mufutau Ajayi vs SEC with Supreme Court number SC/314/2007. Many capital market practitioners have eagerly awaited the outcome of this case which remained pending at the Apex Court for 15 years before it was finally decided.”
The SEC DG stated that the Supreme Court while delivering its judgment in the appeal on January 13, 2023 after going through the facts and history of the matter and reviewing the submissions of the learned counsel representing both parties, found as a fact that the SEC took adequate and sufficient steps to notify the Appellant of the sittings and proceedings of the APC.-THISDAY
