judy.legal
Login Register

AUSTEN OBIGWE v. SECURITIES & EXCHANGE COMMISSION

(2017) JELR 37265 (CA)

Court of Appeal  •  CA/L/169A/2013  •  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 Judgment of the Investment and Securities Tribunal (I.S.T.) sitting in Lagos in case number IST/OA/20/2010 delivered on 26th November, 2012, wherein the I.S.T. entered Judgment in favour of the Respondent against the Appellant and others.

Briefly put, the facts of the case leading to this Appeal are that the Respondent filed an Originating Application before the I.S.T. against Union Bank Plc (UBN Plc) and 19 others, including the Appellant. By the Originating Application, the Respondent alleged that the Respondents before the I.S.T. had participated in an artifice and/or scheme by which UBN Plc had purchased its own shares to influence the Capital Market, and had, by so doing committed an infraction against the provisions of the Investment and Securities Act, (I.S.A.) and the Securities and Exchange Commission Rules (the S.E.C. Rules), Therefore, the Respondent sought the following reliefs:

1.…

There's more. Sign in to continue reading

JUDY is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.


Get started   Login