NBA Conference: IST warns lawyers against filing capital market cases at Federal High Court

By Daniel Abia, P/Harcourt PORT HARCOURT — The Investment and Securities Tribunal, IST, has cautioned lawyers against filing capital market disputes at the Federal High Court, saying such a practice amounts to a waste of time and resources. Chairman of the tribunal, Junaid Aminu, gave the warning during a breakout session at the ongoing Nigerian Bar Association, NBA, Annual General Conference in Port Harcourt, Rivers State. Aminu said despite the establishment of the IST specifically to adjudicate capital market disputes, many lawyers and even some judges were still unaware of its jurisdiction.

He said the lack of awareness had led to what he described as “forum shopping,” with lawyers filing capital market cases at the Federal High Court and Magistrates’ Courts, resulting in prolonged litigation over jurisdiction. “IST has been in existence for 24 years. Some judges and lawyers are not even aware of the existence of the Investment and Securities Tribunal.

We should realise that this is because there has not been enough enlightenment. “You can see lawyers engaging in what we call forum shopping. They choose between filing their cases at the Federal High Court and the Magistrates’ Court when it comes to capital market matters,” Aminu said.

He explained that the tribunal was established under the Investments and Securities Act 1999 as part of the institutional framework for ensuring an orderly capital market, protecting investors and strengthening confidence in the Nigerian capital market. According to him, the tribunal provides a faster and less expensive avenue for resolving capital market disputes, with government funding through the Capital Market Grant helping to sustain its operations. Aminu explained that parties seeking to institute cases under the tribunal’s original jurisdiction must first lodge their complaints with the Securities and Exchange Commission, SEC.

He said the SEC has 60 days to resolve a complaint, after which the complainant is required to issue a 14-day pre-action notice before approaching the tribunal. From there, you can institute your action before the Investment and Securities Tribunal. That is invoking its original jurisdiction,” he said.

He added that appeals against decisions of the SEC must be filed before the tribunal within 30 days, although an extension could be granted where sufficient reasons were estab…