ABSTRACT

The capital market is the long arm of the financial market through which resources in the form  of savings are pooled and channeled to the production of goods and services. Disputes often arise in capital market transactions, which must be resolved speedily, fairly and efficiently in the interest of stability of the market. Notwithstanding the various processes for dispute resolution in the Nigerian capital market, the jurisdiction to adjudicate over capital market disputes has been a source of contention among stakeholders. In the event of disagreement, the forum to ventilate grouses is not now firmly and squarely settled.The Investments and Securities Tribunal, which was created by the ISA as a solution, to this near intractable dispute resolution crisis, has been mired in constitutional and jurisdictional controversies. The Appellate Courts have not been unanimous on its jurisdiction. Furthermore, the exclusive jurisdiction of the Federal High Court on matters arising from the Companies and Allied Matters Act, 2004 has also been called to question. As things stand presently, the following research questions seek urgent answers; is the legal framework for dispute resolution in the Nigerian Capital Market adequate to resolve the current controversies in the system; does the framework for dispute resolution in the Nigerian capital market in conformity with international best practices and standards;and finally, are there special needs or peculiarities in the operationsand emerging disputes in the Nigerian capital market, requiring aspecialised dispute resolution system.The aim of this research is the attainment of a robust dispute resolution system in the Nigerian Capital Market,that will meet the aspirations of stakeholders. To this end, the objectives of this research are; to critically evaluate the extant legal framework for dispute resolution in the Nigerian Capital Market and advance recommendations, that will resolve the current challenges in the system; to examine in detail the statutory and administrative procedures for the resolution of disputes in the Nigerian Capital Market, such as the SEC Administrative Proceedings Committee and other internal enforcement processes and the disciplinary/dispute resolution of the SROs. This is with a view to making suggestions for reform, that will make same accord with global standards and international best practices.Investors’ confidence can be buoyed by an assurance of a fair and efficient dispute resolution system that is not hamstrung with teething challenges of competence. The controversies surrounding the constitutional place and jurisdiction of the Investments and Securities Tribunal has led to conflicting decisions by superior courts in Nigeria. These do not portend encouraging signs for domestic and foreign investors.Stripping the Investments and Securities Tribunal the jurisdiction in criminal matters has weakened its role as a fast-track dispute resolution mechanism in Nigeria. The facts giving rise to disputes in the market are often intertwined such that separating the fact that give rise to civil disputes from those that give rise to criminal liabilities can be quite challenging. Therefore, since capital market disputes are time sensitive, the problems arising therefrom become even more worrisome. This uncertainty is certainly not a good sign for domestic and foreign investors in the Nigerian economy. The ISA permits the SEC to constitute committees and under this power the SEC has over the years constituted the Administrative Proceedings Committee, a quasi-judicial body, to resolve disputes in the capital market. With the complement of primary and secondary data (statute,case law and existing jurisprudence) on this subject, this study finds that the absence of a formal structure for the APC or retaining it as an ad hoc committee convened at the pleasure of SEC has introduce so much uncertainty into its existence To properly situate the Investments and Securities Tribunal and address the controversies surrounding its status and jurisdiction, it is recommended that section 6 (5) of the Constitution of the Federal Republic of Nigeria, 1999 be

amended to include the IST as a superior court of record. This will streamline the approach of the Nigerian courts and assure investors that their grievances would receive fair, firm and timeous hearing. Section 284 and 294 of the Investments and Securities Act require amendment to confer civil and criminal jurisdiction on the Investments and Securities Tribunal. Section 310 of the ISA should also be amended to clearly establish the Administrative Proceedings Committee.Download Full Material-N5000

NIGERIA AND CHILD MARRIAGE: LEGAL ISSUES, COMPLICATIONS, IMPLICATIONS, PROSPECTS AND SOLUTIONS

Abstract

Child marriage is often deployed as a response to crisis, considered by families and communities to be the best possible means of protecting children. Fear of rape and sexual violence, of unwanted pregnancies outside marriage, of family shame and dishonour, of homelessness and hunger or starvation were all reported by parents and children as legitimate reasons for child marriage in some localities.Poverty, weak legislative frameworks and enforcement, harmful traditional practices, gender discrimination and lack of alternative opportunities for girls (especially education) are all major drivers of child marriage. However this researchers finds in addition to the above mentioned that lack of political will coupled with multiplicities of laws accounts for non-apprehension and prosecution of offenders thereby allowing them to hide under religion and continue to perpetrate crime against humanity. This study is an attempt to fill the void and chart the way out into a brighter and not bleak future for the girl child using data in our content analysis. We hope that stakeholders most especially government and the National Assembly can rise to the challenge and harmonise all laws necessary to deter child marriage in Nigeria.Download Full Material-N5000

SUCCESSION TO RIGHTS IN LAND UNDER IGALA CUSTOMARY LAW OF KOGI STATE

Abstract:

Igala land in Kogi State is richly blessed with fertile soil. This makes the people predominantly farmers. Crops grown in this area comprise yams, rice cassava, millet, maize, guinea corn and beans. There are few cash crops such as palm oil, palm kernels, rubber and timbers. The area covered by this dissertation includes the six Local Government Areas, Ankpa, Bassa, Dekina, Idah, Ofu and Olamaboro with the population of about one million people. This puts Igala people as the majority tribe in kogi State. In the past the Igalas did not place much importance to their land despite the fact that it is the sustenance of life. But now the economic value of land has been recognized so much so that the Igalas engage themselves in fighting for the ownership. Some villages in Igala land fight each other for ownership of land. Under customary land law, land is owned by communities or villages and the title to the communal land is vested in the community or village as a whole. In some cases, the management of the communal land is vested on the village head or chief as the case may be. He is referred to in loose terms as the owner of the land. He allocates and collects tributes and all proceeds arising from the management of the communal land. Secondly, land is said to be owned by a family jointly and not by individual members. It is the responsibility of the family head to see to the management of the family land. He acts in consultation with the principal members of the family just like the village head or the chief, the family head also allocates land and collects tributes that might arise from the management of the family land. Thirdly, individual ownership of land is said to be foreign under native law and custom. Therefore, land is never owned by an individual. From the aforementioned, succession to right in land by an individual under customary law is not possible because a person cannot give out what he does not own. However, a child may inherit his father’s farm land if he is of age otherwise his uncle can serve as a trustee for his benefit. It is customary law among the Igalas that on the death of a founder of a family, the eldest surviving child (if any) succeeds to the headship of the family. If there is going to be any important dealing with family land, other principal members of the family must be consulted. It is worthy of note here that land acquired by an individual as absolute private property under customary law will devolve upon his children as family property. This system whereby an individual has an absolute title to land vests in him with proprietary rights and not possessory or occupational rights as in the case of communal or family ownership. The need for individual ownership is to provide incentives which members under communal or family ownership do not have and which posses a stumbling block against economic development and use of land. There are lots of advantages of an individual ownership such as alienation, mortgage lease, sale, etc, which will no longer require consent of both the principal members and the family head. An individual can obtain capital to develop his own land. This is an economic advantage which every person in a community should seek. The management of land will be much more effective and the decision concerning the land will be quicker and definite. Finally, individual ownership of land promotes freedom of action, which is in keeping with the goals of a democratic society. Under this system, an individual can only have what he can cultivate, unlike in community or family ownership where some communities or some families owned more land than others. However, succession rights which give an individual power to deal with his land should be controlled