Jurisdiction: Defining The Investments and Securities Tribunal in Light of The Federal High Court
The issue of jurisdiction of a court is fundamental and foundational to any proceedings. It is crucial in assessing the validity of the proceedings; the jurisdiction or competence of court goes to the root of an action to sustain or nullify it. 1 It is crucial to elucidate the fundamental importance of the jurisdiction of a court or tribunal in any proceedings for a comprehensive understanding of the role it plays as regards the Federal High Court and the Investments and Securities Tribunal. It is established that jurisdiction is a radical and crucial question of competence. The Federal High Court and the Investment and Securities Tribunal do not share or have concurrent jurisdiction. They derive jurisdiction and powers from separate laws and are established for divergent purposes. There is very little literature and case law on the jurisdictional issues regarding securities regulation in Nigeria. The main reason for this is that the Nigerian securities and capital market is in a transitional stage and no adequate amount of litigation has yet arisen. The issue of conflicting jurisdiction of the Investments and Securities Tribunal and the Federal High Court can arise in domestic disputes relating to the appropriate forum vested with the jurisdiction to entertain disputes and matters relating to securities transactions. The effect of misunderstanding the jurisdiction of either court will certainly be fatal to any cause. A defect in competence is offensive, fatal to adjudication and renders an entire proceedings (sic), trial and findings invalid, null and void “ab initio� however brilliantly they must have been conducted and concluded2. The Supreme Court in Obasanjo v Yusuf
3
defined jurisdiction as the authority which a court has to decide matters which are litigated before it or to take cognisance of the facts presented in a formal way for its decision. The limits of the authority are imposed by the constitution, statute, charter or commission 1 Nashtex Intl Ltd v Habib Bank Ltd [2007] NWLR pt 1063, 308 at 332 2 Njikoye v MTN Nigeria Communications Ltd [2008] NWLR pt 1092, 339 at 365 3Obasanjo v Yusuf [2004] NWLR pt 877, 144 at 192
1
Mofesomo Tayo-Oyetibo |