Section 326 Investments and Securities Act

Section 326 of the Investments and Securities Act 2025 is about Jurisdiction of the Tribunal. It is under Part XVII (Establishment, Jurisdiction, Authority and Procedure of The Investments and Securities Tribunal) of the Act. It provides as follows:

(1) The Tribunal shall have exclusive jurisdiction to adjudicate on disputes arising from investments and securities transactions in Nigeria.

(2) Subject to the provisions of section 318(2), the Tribunal shall exercise exclusive original jurisdiction, where —
(a) the complaint is against a direct action of the Commission;

(b) a matter had been referred to the Commission and the Commission failed to act within 60 days; or
(c) the matter arose from a regulatory action taken by the Commission under the provisions of this Act.

(3) Subject to the provisions of subsection (2), the Tribunal shall exercise appellate jurisdiction on matters —
(a) relating to disputes between —
(i) the Commission and any person in respect of any capital market matter,
(ii) capital market operators and securities exchanges or financial market infrastructure,
(iii) capital market operators inter se,

(iv) capital market operators and their clients,
(v) public companies and the Commission or the exchanges or investors,
(vi) an investor and an exchange or financial market infrastructure,

(vii) capital market operators and self-regulatory organisations,
(ix) an investor and the Commission, or
(x) an issuer of securities and the Commission;

(b) arising from the administration, management and operation of collective investment schemes; or
(c) relating to the review, approval and regulation of mergers, takeovers and restructuring of public companies.

(4) The Tribunal shall exercise jurisdiction on any other matter as may be prescribed by an Act of the National Assembly.

(5) In the exercise of its jurisdiction under this Act, the Tribunal shall have the power to interpret this Act, any other enactment, rules or regulations as may be applicable.