By  BARTHOLOMEW MADUKWE

LAGOS — The Court of Appeal, Lagos Division, yesterday, upheld an appeal challenging the jurisdiction of Investment and Securities Tribunal,IST, to adjudicate on the matter brought against it by its investors forum over frozen investment funds, filed by Nosptco Oil and Gas Limited (wonder bank).

Presiding over the matter, Justice Helen Ogunwumiju, in a judgment, resolved four issues listed for determination by the appellant in favour of the investors, but resolved the issue of jurisdiction in favour of the appellant.

She said: “The circumstances of this case calls for the interpretation of Section 251 of the Constitution in relation to Section 284 of ISA. The tribunal has no exclusive jurisdiction to determine the matter. The appeal is allowed. I make no further order as for costs” adding that the power to adjudicate on issues involving federal institutions such as CBN and SEC is vested on Federal high courts, irrespective of other tribunals created by the Act of the National Assembly.”

The four issues resolved in favour of the investors are that the contract between the investors and the wonder bank was a collective investment scheme; that the investors can bring such suits in a representative capacity; that the principle of fair-hearing was not violated by IST in deciding against the appellant, in addition to the fact that the filing of the suit was not an abuse of court process.

After listening to the arguments of all parties, the court held that it was not persuaded by the argument of the third respondent’s counsel (Abubakar), going by the preponderance of the facts before it and that they (third respondent) failed woefully to convince the court that it lacked jurisdiction to entertain the matter.