CAPTURING ALL FINANCIAL SERVICES UNDER A SPECIALISED COURT FOR INVESTMENT GROWTH IN NIGERIA

ABSTRACT

The tripartite operations of financial market: capital, banking, and insurance markets are sacred pillars of every economy in the world. In Nigeria, whenever litigations ensue due to their value chain services, different courts are approached not considering the symbiotic or similar facts of the matters. It is an incontrovertible fact that banking, insurance, and the capital market trade in common financial products; hence the same court ought to assume jurisdiction over disputes arising from their activities. However, reverse is the case: capital market disputes are brought before the Investment and Securities Tribunal while the Federal High Court has jurisdiction over banking and insurance disputes. This has led to conflict of jurisdiction within our financial jurisprudence. This article aims at examining the common objectives of the insurance, banking, and capital market institutions; and advocates for capturing the litigations evolving from the three institutions before a common court, the Financial Services Court.

Keywords: Financial Service Dispute, Financial Services Court, Investment and Securities Tribunal, Investment, Insurance.

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UNILAG Law Review, (2021) Volume 4 Edition 2

About the Authors

Bolarinwa Levi Pius is a Ph.D student at the Department of Business Law at the Obafemi Awolowo University, Ile- Ife, Osun State. He can be contacted via email: levibolarinwa@gmail.com or call 08182928678. Professor M.T Okorodudu-Fubara is a lecturer at the Department of Business Law at the Obafemi Awolowo University. She is the former dean of the Faculty of Law at the University.