FREDERICK OZIAKPONO OHO, JCA (Delivering the Leading Judgment): The main issue raised in this Appeal is whether the Nigerian Investments and Securities Tribunal's (IST) decision to entertain this suit in which the Appellant and 55 others were made Respondents for operating as Fund Managers without being licensed by the Securities and Exchange Commission (SEC) and/or the Central Bank of Nigeria (CBN), is a violation of the provisions of Section 251(1)(d) of the Constitution of Federal Republic of Nigeria 1999 (As Amended), which gives exclusive jurisdiction to the Federal High Court in Civil Causes and Matters connected with or pertaining to the banking, banks and other financial institutions.
There is also the side issue whether the said suit is bad for reason of mis-joinder of causes of action and/or of parties. This suit and indeed, this Appeal is one of many others which have sign-posted some of the challenges of a private sector driven economy typified by the up-surge in the Securi…