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BARTHOLOMEW BASSEY EBONG v. SECURITIES AND EXCHANGE COMMISSION

(2017) JELR 37323 (CA)

Court of Appeal  •  CA/L/870/2012  •  4 Jul 2017  •  Nigeria

Coram
JUMMAI HANNATU SANKEY JCA; ONYEKACHI AJA OTISI JCA; JOSEPH EYO EKANEM JCA;

Judgement

JUMMAI HANNATU SANKEY, J.C.A. (Delivering the Leading Judgment): This is an Appeal against the Ruling of the Investments and Securities Tribunal ("I.S.T." or "Tribunal") in case number IST/LA/OA/07/11 delivered on 24th September, 2012 in respect of the Appellant's Preliminary Objection challenging the jurisdiction of the I.S.T. to entertain the suit as well as the locus standi of the Respondent to institute same.

The facts leading to the Appeal are that the Respondent commenced this suit by way of an Originating Application filed on 14th June, 2011 against the Appellant and 9 others claiming the following reliefs:

1. "A DECLARATION that in acting as outlined in this suit in respect of the shares of Union Bank of Nigeria Plc sometime in the year 2007 (particularly as these activities relate to year end dividends for Union Bank Shares for the 2006-2007 financial year), the Respondents engaged and/or participated in a scheme and or artifice that enabled Union Bank of Nigeria Plc to either …

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