The chairman, Investment and Securities Tribunal (IST), Siaka Idoko- Akoh, has thrown out a case filed by Mact Securities Limited against Ecobank over alleged illegal bank charges.
The defendant challenged the jurisdiction of the tribunal to entertain the suit on the grounds the subject-matter of the suit are not within the jurisdiction of the tribunal; that the claimant does not have the locus standi to institute the suit and that the action is statute-barred amongst others.
In its judgment the tribunal held that the complaint of the claimant was clearly related to transactions arising from granting of a loan and the chargeable interests which are matters pertaining to banks, in which jurisdiction has been reserved under the Constitution of Nigeria, for either a State High Court or the Federal High Court.
Bank charges and interests on loans, according to the tribunal, are matters clearly outside the scope of the jurisdiction conferred on the IST under Section 284(1) ISA.
'This suit is hereby struck out for want of jurisdiction of this tribunal. Cost of N100,000 is awarded against the claimant in favour of the bank as cost of this action'', the chairman said.
© Pakistan Press International, source Asianet-Pakistan