ABUBAKAR SADIQ UMAR, J.S.C. (Delivering the Leading Judgment): This is an appeal against the judgment of the Court of Appeal, Lagos Judicial Division (“the lower court”) delivered on 4th July 2017, Coram: Hon. Justice Jummai H. Sankey, JCA; Hon. Justice Onyekachi A. Otisi, JCA; and Hon. Justice Joseph E. Ekanem, JCA, which affirmed the decision of the Investments and Securities Tribunal ("the trial tribunal”) delivered on 26th November 2012 in favor of the respondent, the Securities and Exchange Commission (“SEC”). Dissatisfied, the appellant appealed to this court, vide a notice of appeal filed on April 25, 2024, on a sole ground of appeal.
Facts
The respondent herein commenced an action before the trial tribunal by an amended originating application dated 10th July 2012 against the appellant and twenty other parties, alleging various breaches of the Investments and Securities Act, 2007 ("ISA") and the Securities and Exchange Commission Rules and Regulations ("the SEC Rules”).
The grava…