Securities litigation in Nigeria generally entails disputes between capital market operators (any individual or corporate duly registered by the Securities and Exchange Commission (SEC) to perform specific functions in the capital market), investors, securities exchanges, the issuers of securities and clearing agencies, and the SEC arising from the administration, management, and operation of investment schemes relating to securities transactions. When a party files a complaint with the SEC (a federal government agency and apex regulator of the capital market in Nigeria) against an operator of any securities transaction, the complaint is referred to the SEC’s Administrative Proceedings Committee (APC) for determination. The decision of the APC is appealable to the Investment and Securities Tribunal (IST). Parties may also commence an action directly with the IST. The Investment and Securities Act 2007 (the 2007 Act) prescribes that all actions by the IST must be concluded within three months. The IST has exclusive jurisdiction to hear and determine: Click HERE to download or Read More