Judgment
MOHAMMED MUSTAPHA, J.C.A. (Delivering the Leading Judgment) : This appeal is against the decision of the Investment and Securities Tribunal, delivered by Saika I. Idoko-Akoh, Jude I. Udunni, Mamman B. Zargana, Edward 0. Ajayi and Emeka C. Madubuike, on the 25th of April, 2018, in an action commenced by the 1st Respondent, pursuant to the Investment and Securities Tribunal, Procedure Rules, 2014.
At trial the 1st Respondent claimed as follows: (a) A DECLARATION that the 1st Defendant jointly and/or severally by themselves, their officers, agents, servants, representatives, assignees, employees and others however styled and all other persons acting under them or on their behalf grossly mismanaged the Claimant’s portfolio to the tune of Fifteen Million, Four Hundred and Forty Seven Thousand, Nine Hundred and Twenty Six Naira, Sixty One Kobo (N15,447,926.61). (b) AN ORDER compelling the 1st Defendant jointly and/or severally by their officers, agents, servants, representatives, assignees, employees and others however styled and all other persons acting under them or on their behalf to immediately pay the Claimant the sum of Fifteen Million, Four Hundred, and Forty Seven Thousand, Nine Hundred and Twenty Six Naira, Sixty One Kobo (N15,447,926.61) being the total sum of money realized for all transactions/sales made from the Claimant’s portfolio. (c) AN ORDER compelling the 1st Defendant jointly and/or severally by their officers, agents, servants, representatives, assignees, employees and others however styled and all other persons acting under them or on their behalf to immediately pay the Claimant the sum of Five Million Naira (5,000,000.00) being special damages consisting of the return on investment that would have been realized by the Claimant from investment in other Business ventures had the said Fifteen Million, Four Hundred and Forty-Seven Thousand, Nine Hundred and Twenty Six Naira, Sixty One Kobo (N15,447,926.61) not been taken by the 1st Defendant. (d) AN ORDER compelling the 1st Defendant jointly and/or severally by their officers, agents, servants, representatives, assignees, employees and others however styled and all other persons acting under them or on their behalf to immediately pay the Claimant Twenty Five Percent (25%) of the sum of Fifteen Million, Four Hundred and Forty Seven Thousand, Nine Hundred and Twenty Six Naira, Sixty One Kobo (N15,447,926.61) as interest which would have accrued therefrom if the money had been invested. (e) AN ORDER compelling the 1st Defendant, jointly and severally to pay the Claimant the sum of One Million Naira (N1,000,000) as costs, disbursements and counsel fees associated with this application and such further and/or other reliefs as the Honourable Tribunal deems fit.
