FHC Strikes Out Oando Suit Against SEC, Refers Plaintiff To IST Citing Lack of Jurisdiction


Friday, November 24, 2017 1:29 PM / News 

A case filed by Oando PLC against the Securities and Exchange Commission (SEC) has been striked out the Federal High Court sitting in Lagos seeking to stop SEC from conducting a forensic audit on the company and also lift a technical suspension placed on its shares. 

The presiding judge, Mohammed Aikawa, on Thursday struck out the case on the grounds that the court lacked jurisdiction over the matter.  

He advised Oando to take its case to the Investment and Securities Tribunal (IST). The ruling was consequent to a preliminary objection filed by counsel to SEC, George Uwechue, SAN.  

In his ruling, the judge said, “I hold that the subject matter of this issue falls within the exclusive jurisdiction of the Investment and Securities Tribunal (IST) and not this court.” 

 "In addressing this issue, I find the provisions of the Investment and Securities Act 2007 quite instructive.  

Section 284 of the ISA (2007) says the Tribunal shall, to the exclusion of any other court of law or body in Nigeria, exercise jurisdiction to hear and determine any question of law or dispute involving: 

(a) a decision or determination of the Commission in the operation and application of this Act, and in particular, relating to any dispute- 

(i) between capital market operators; 

(ii) between capital market operators and their clients; 

(iii) between an investor and a securities exchange or capital trade point or clearing and settlement agency; 

(iv) between capital market operators and self regulatory organisation; 

(b) the Commission and self regulatory organisation; 

(c) a capital market operator and the Commission; 

(d) an investor and the Commission; 

(e) an issuer of securities and the Commission; and Jurisdiction of the Tribunal, etc. 132 

(f) disputes arising from the administration, management and operation of collective investment schemes. 

 “It is not in dispute that the matter before me is a dispute between capital market operators.” According to the judge, “the duty of the court is to apply the law”.

 Proshare Nigeria Pvt. Ltd.


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Relevant Links

62. Securities and Exchange Commission, Nigeria  

63. The Nigerian Stock Exchange

64. Oando Plc

65.  Convention for Business Integrity

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67.  Oando Plc Audited Financial Statements – 2012

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70. Oando Plc Audited Financial Statements - 2015

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