{
  "id": 15672843,
  "title": "Exclusive Jurisdiction of the Investment and Securities Tribunal Over Capital Market Disputes",
  "url": "https://urgent.news/2026/10/19/exclusive-jurisdiction-of-the-investment-and-securities-tribunal-over",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-19T23:57:00.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/20/exclusive-jurisdiction-of-the-investment-and-securities-tribunal-over-capital-market-disputes/"
  },
  "original_language": "en",
  "account": "In the Supreme Court of Nigeria, on December 12, 2025, the Court heard the case concerning the Investment and Securities Tribunal's jurisdiction over capital market disputes. The Appellant, Union Bank of Nigeria PLC, and the Securities and Exchange Commission (SEC) were involved. The Appellant obtained foreign credit facilities totaling USD$270 million from Merrill Lynch International and HSBC Bank Plc. The funds were used to buy shares in the Appellant's company through a scheme involving its subsidiary, Union Trustees Limited, and a third party, Falcon Securities Limited. The SEC alleged that the Appellant's actions created a false and misleading impression of active trading, artificially inflating the stock price and distorting its true value, which caused innocent investors to buy overpriced shares. The SEC filed an Amended Originating Application against the Appellant and 10 others. The Appellant denied the allegations but argued that the Respondent's claims were beyond the Trial Tribunal's exclusive jurisdiction under the Companies and Allied Matters Act. The Trial Tribunal found the Appellant and others guilty of market manipulation, as defined by the ISA. The Court of Appeal affirmed the decision in part, but the Appellant appealed to the Supreme Court. The Supreme Court upheld the Trial Tribunal's jurisdiction to hear the SEC's claims, as they pertained to alleged violations of the ISA, which was within the exclusive jurisdiction of the Trial Tribunal.",
  "summary": "In the Supreme Court of Nigeria Holden at Abuja On Friday, the 12th day of December, 2025 Before their Lordships John Inyang Okoro Helen Moronkeji Ogunwumiju Adamu Jauro Festus Obande",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}