SAULAWA JCA (Delivering the Lead Judgment): This appeal is a fallout of the decision of the Investment and Securities Tribunal sitting in Lagos, which was delivered on 30 September 2008 in case No. 1st/LA/ OA/03/03. By the said decision, the lower tribunal declined to entertain the originating application the appellant instituted against the respondents, on the ground that it lacked the jurisdiction to do so.
The circumstances surrounding the case are that the appellant applied for 200,000 units of shares of the 1st respondent in its public offer of 23
February 2007, at N35.00 (thirty-five naira) per unit. He paid N7,000,000.00(seven million naira) vide IBTC Chartered Bank Plc. The appellant’s application was accepted, and he was subsequently issued with a share certificate for 200,000 units of shares. However, the appellant was aggrieved by the delay in issuing the share certificate to him. Hence, on 12 February 2008, he filed an originating application in the lower tribunal seekin…