AN ANALYSIS OF THE LEGAL STATUS OF THE INVESTMENTS AND SECURITIES TRIBUNAL VIS-À-VIS THE JUDICATURE PROVISIONS OF THE 1999 CONSTITUTION OF NIGERIA

AN ANALYSIS OF THE LEGAL STATUS OF THE INVESTMENTS AND SECURITIES TRIBUNAL VIS-À-VIS THE JUDICATURE PROVISIONS OF THE 1999 CONSTITUTION OF NIGERIA

 

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 The Decree was repealed by the ISA No. 29 of 2007, the current law on the subject.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 by the 1999 constitution as amended, that of the IST is conferred by an Act of the National Assembly. There is also contradiction in the provisions of the ISA relating to the status of the IST. Whereas the ISA confers the equivalent of jurisdiction of the Federal High Court on the IST in respect of capital market matters, it does not confer the status and benefits of the judges of the Federal High Court on the judges of the IST. There is therefore need to amend the provisions of the Federal High Court Act and also the ISA to make the IST an arm of Federal High Court and bring it within the ambit of the Federal High Court so that the IST and its Judges may enjoy the status of a court of record without necessarily amending the Constitution.

TABLE OF CONTENT

Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi

CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39
Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69

AN ANALYSIS OF THE LEGAL STATUS OF THE INVESTMENTS AND SECURITIES TRIBUNAL VIS-À-VIS THE JUDICATURE PROVISIONS OF THE 1999 CONSTITUTION OF NIGERIA

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