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
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Date
2011-09
Authors
IBRAHIM, Sadiq
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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 The Decree was repealed by the ISA No. 29 of 2007,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.
Description
A THESIS SUBMITTED TO THE POSTGRADUATE
SCHOOL, AHMADU BELLO UNIVERSITY, ZARIA IN
PARTIAL FULFILLMENT OF REQUIREMENTS FOR THE
AWARD OF THE DEGREE OF MASTER OF LAWS, LL.M IN
THE DEPARTMENT OF COMMERCIAL LAW AHMADU
BELLO UNIVERSITY, ZARIA
SEPTEMBER, 2011
Keywords
ANALYSIS,, LEGAL STATUS, INVESTMENTS,, SECURITIES,, TRIBUNAL,, VIS-À-VIS,, JUDICATURE,, PROVISIONS,, 1999 CONSTITUTION,, NIGERIA