National Industrial Court Nigeria Pre-2010 Constitutional Amendment and the Investment and Securities Tribunal – Common Bed Fellows?

Abstract

The debate as to the powers of the Investments and Securities Tribunal (IST) as provided for by its enabling legislation, the Investment and Securities Act (ISA) has stirred up loads of controversy within academic and practice discusses. These controversies majorly pertain to the jurisdiction, status and powers of the Tribunal in the face of Constitutional provisions. In the not very distant past, the National Industrial Court of Nigeria (NICN) found itself in a similar quagmire that stalled the advancement of its own quota in the administration of justice process. The said court after a very intense struggle, was able to overcome its setback. The paper considers whether the approaches employed in tackling the challenges previously faced by the NICN can equally be adopted in the resolution of issues that presently confront the IST. In determining this, the paper reflects upon the journey undertaken by the NICN and how it was able to surmount its setbacks, which led it to its current standing, giving it its pride of place amongst other superior courts in Nigeria. The paper therefore recommends the possibility of the Tribunal taking a que from the NICN by drawing a lesson or two from the NICN experience for the benefit of the IST, causing the latter to re-evaluate its current legal framework towards a more formidable corporate dispute resolution process.

Keywords: National Industrial Court of Nigeria, Investments and Securities Tribunal, Constitutional Amendment, Constitutionality, Jurisdiction.