Does the Federal High Court Have Jurisdiction to Hear Matters Pertaining to Issues Arising from the Operation of the Investment and Securities Act?

CASE TITLE: M/S Bara Finance and Investment Ltd v. FRN (2026) LPELR-83748(SC)

JUDGMENT DATE: 17TH APRIL, 2026

PRACTICE AREA: CRIMINAL LAW AND PROCEDURE

LEAD JUDGMENT: JAMILU YAMMAMA TUKUR, J.S.C.

SUMMARY OF JUDGMENT:

INTRODUCTION:

This appeal borders on Criminal Law and Procedure.

FACTS:

This is an appeal against the judgment of the Court of Appeal, Abuja Division, delivered on 01/06/2023 in Appeal No. CA/ABJ/CR/622/2021, which affirmed the decision of the Federal High Court (the trial Court), sitting in Abuja, delivered by His Lordship Hon. Justice D.U. Okorowo on 28/06/2021.

The appellant, a company registered under CAMA, with objects, including Portfolio Management and Investment Scheme, along with two others, was charged for allegedly luring over 1000 unsuspecting members of the public to subscribe and invest in an unregistered investment scheme to the tune of over N2 billion naira, under Section 54 of the Investment and Securities Act, 2007.

The appellant and co-defendants pleaded guilty to the first count. Following the pleas, the prosecution applied to withdraw count 1. There was no objection to the withdrawal of count 1. Upon application by the prosecution, the trial Court summarily entered a judgment of guilt and convicted the appellant and her co-defendants, who were all remanded in correctional centre pending allocutus and sentence adjourned to 30th day of June, 2021. The trial Court, after the allocutus, sentenced the Appellant along with his co- defendants to one (1) year imprisonment with hard labour without an option of fine.

On appeal, the Court of Appeal dismissed the appeal of the appellant and affirmed the judgment of the trial Court. Further dissatisfied, the appellant approached the Supreme Court.

ISSUES FOR DETERMINATION:

The Court considered a sole issue for determination thus:

Whether the Court below was right to affirm the trial, conviction, and sentence of the appellant by the trial Court, the proceedings having been conducted without jurisdiction and in clear breach of the provisions of Section 36(6)(a) and (12) of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

DECISION/HELD:

In conclusion, the Court dismissed the appeal.

RATIOS:         

• CRIMINAL LAW AND PROCEDURE- PLEA OF ACCUSED PERSON(S): When will a plea be said to have been validly obtained
• CRIMINAL LAW AND PROCEDURE- PLEA OF GUILT: Effect of a plea of guilt by an accused
• JURISDICTION- JURISDICTION OF THE FEDERAL HIGH COURT: Whether the Federal High Court has jurisdiction to hear matters pertaining to issues arising from the operation of the Investment and Securities Act

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