An evaluation of the legal framework for resolving disputes in the digital ecosystem in Nigeria

An evaluation of the legal framework for resolving disputes in the digital ecosystem in Nigeria

Abstract: The discovery of innovative wealth creation through digital assets has become one of the gifts of modern technology to economic empowerment and commercial advancement. Like every other field of property holding, ownership and control; investment in digital assets portends new forms of disputes that require quick, effective and cheap resolution mechanisms if the securities market is to maintain decorum and growth. Utilising the doctrinal research methodology, this article probes into the dispute resolution mechanisms contained in the Investment and Securities Act (ISA), for the resolution of capital market disputes in Nigeria to determine its adequacy in resolving disputes arising from digital assets transactions. The paper found that the promotion of convenient private dispute resolution models like Alternative Dispute Resolution (ADR) and a flexible adjudicatory model in form of specialised courts is required for dispute resolution in commercial and economic investments in the nature of digital assets. The paper also found that the model under ISA leaves much to be desired as the intrigues generated by the constitutional validity of the jurisdiction of the Investment and Securities Tribunal (IST) created thereunder compromised its efficacy and the lack of statutory backing for ADR processes thereunder could erode investors’ confidence in the process. The paper recommends constitutional amendment for a thorough and detailed mechanism for dispute resolution in the capital market.

KIULJ Volume. 5, Issue 2 (2023)

Contributor(s)

Keywords

Download Full-text (PDF)

An evaluation of the legal framework for resolving disputes in the digital ecosystem in Nigeria