An analysis of pertinent issues arising from the adjudication of capital market cases in the nigerian courts

The capital market plays a crucial role in stimulating economic growth and development in a country. Its role in maintaining financial stability through trading in the primary and secondary markets earns it a prized position as one of the most effective ways of transforming a country’s economy, boosting investors’ confidence and preserving the integrity of the capital market. Fostering a safe and reliable market requires a sound regulatory and supervisory regime as well as a strong enforcement mechanism capable of maintaining effective dispute resolution. The inherent nature of the market necessitates the ability to effectively and efficiently resolve disputes as they arise, thereby enhancing the market’s effectiveness in fostering economic growth and development. The judiciary plays a key role in the adjudication of capital market disputes. The paper analyses the pertinent issues that arise in the adjudication of capital market disputes, including jurisdictional conflict between the Federal High Court and the Investments and Securities Tribunal, slow and cumbersome judicial processes due to insufficient expertise of judicial officers to decide on intricate capital market cases, and incessant interlocutory applications by litigants, amongst others. The paper asserts that strengthening the judiciary to create a strong and efficient dispute resolution body with clear, unambiguous jurisdictional boundaries, improved capacity-building knowledge, enhanced enforcement tools and the establishment of a sanction regime for unnecessary applications by litigants is essential for a resilient and effective Nigerian capital market.