Investments & Securities Tribunal (IST)

The Investments & Securities Tribunal (IST) is for resolution of disputes in the Nigerian Capital Market.

It provides efficient resolution of capital market disputes with fairness, flexibility and transparency.​

The Tribunal is a dedicated fast-track civil court established pursuant to section 274 of the Investments & Securities Act 2007, for the resolution of disputes in the Nigerian Capital Market.

IST, the first of its kind in Africa is similar to the Securities Appellate Tribunal of India and the Market Misconduct Tribunal of Hong Kong.

It is part of the government reform agenda for the Nigerian Capital Market to provide an adjudicatory framework and make for predictability and certainty in dispute resolution. It is a civil court for all purposes with jurisdiction for all matters arising out of investments and securities transactions. It also has an Alternative Dispute Resolution (ADR) Centre which facilitates the amicable settlement of disputes with the consent of the parties.

The Tribunal is composed of a Chairman and Nine members (four of whom are full-time members and five part-time members) who are professionals with in-depth knowledge and expertise in securities laws and capital market operations. Appeals from the Tribunal lie to the Court of Appeal and thereafter to the Supreme Court.



A structured process to dedicate more time and attention to the creation of a voluntary and durable agreement tailored to meet the needs of the particular parties


The Investments and Securities Tribunal (Procedure) Rules 2014 provides the Forms for commencement of proceedings in the Tribunal in the Schedules to the Rules.


The Tribunal provides help desk services to litigants, counsel, and the general public. Inquiries and complaints are handled via letters, emails, phone calls, and walk-in visits.


The Tribunal was constituted and inaugurated on the 19th of December, 2002 by the Minister of Finance, Adamu Ciroma during the administration of President Olusegun Obansanjo. 

IST is an independent, specialised and fast-track judicial body. It provides an accessible, affordable, timely and efficient means of resolving disputes within 90 days.

Section 284 of ISA(2007) sets out the jurisdiction of the Tribunal as follows:

(1) The Tribunal shall, to the exclusion of any other court of law or body in Nigeria, exercise jurisdiction to hear and determine any question of law or dispute involving:

(a) a decision or determination of the Commission in the operation and application
of this Act, and in particular, relating to any dispute between capital market operators;
between capital market operators and their clients;
between an investor and a securities exchange or capital trade point or clearing and settlement agency;
between capital market operators and self regulatory organisation;

(b) the Commission and self regulatory organisation;

(c) a capital market operator and the Commission;

(d) an investor and the Commission;

(e) an issuer of securities and the Commission; and Jurisdiction of the Tribunal, etc.

(f) disputes arising from the administration, management and operation of collective investment schemes.

(2) The Tribunal shall also exercise jurisdiction in any other matter as may be prescribed
by an Act of the National Assembly.

(3) In the exercise of its jurisdiction the Tribunal shall have the power to interpret any
law, rules or regulation as may be applicable.


Plot 1072, Cadastral Zone,
B10, Along Jabi Airport Road,
Dakibiyu, Jabi,
(+234) 8105954544
[email protected]

Zonal offices

Port Harcourt

Reference: About Us – Investments & Securities Tribunal (