YARGATA BYENCHIT NIMPAR, JCA (Delivering the Leading Judgment: This appeal is against the decision of the Investments and Securities Tribunal (hereinafter referred to as the Tribunal) delivered on the 27th April, 2018 (Corom: Jude I. Udunni - Presiding Chairman; Dr. Abubakar A. Ahmad - Hon. Member and Albert Otesile - Hon. Member). The Tribunal granted a part of the claim with interest. Dissatisfied with the decision the Appellants who were defendants at the Tribunal filed a Notice of Appeal on the 4th May, 2018 setting out 5 grounds of appeal.
The facts leading to the Appeal are amenable to brief summary. The Respondent appointed the 1st Appellant to manage its portfolio which was terminated by a letter asking the 1st Appellant to liquidate the investment and pay it into a Zenith Bank Account but the 1st Appellant failed to meet up with time lines. Several demands were made through the Respondent's solicitor and when it was obvious that the 1st Appellant was not forthcoming, the Respo…