Section 115: Jurisdiction of the Tribunal.

(1) The Tribunal shall have and exercise jurisdiction on any cause and matter-
(a) pertaining to enforcement and recovery of eligible loans by financial services banks, specialised banks or other financial institutions;
(b) connected or pertaining to the enforcement of security or guarantee, or attachment of any asset under an eligible loan made by any bank, specialised bank or other financial institution in Nigeria, to its customers.
(2) Nothing in this subsection affects the jurisdiction and all other powers of the Federal High Court, State High Court or the High Court of the Federal Capital Territory to continue to hear and determine debt recovery and related financial consumer causes and matters before such Court at the date of the commencement of this Act:
Provided that such matters before the Courts shall be concluded timeously.
(3) The Tribunal, in the exercise of the jurisdiction vested in it by or under this Act, shall, in every cause or matter, have power to grant, either absolutely or on such terms and conditions as the Tribunal deems just, all such remedies as any of the parties may appear to be entitled in respect of any legal or equitable claim properly brought by them in the cause or matter so that, as far as possible, all matters in controversy between the parties may be completely and finally determined and all multiplicity of legal proceedings concerning any of those matters avoided.
(4) For the purpose of exercising its jurisdiction under this Act, the Tribunal shall have power to grant summary judgment on applications filed by a bank, specialised bank or other financial institution where there is an indebtedness that the debtor has acknowledged in writing and such debt remains unpaid after 90 days of the acknowledgement.
(5) The Tribunal shall also exercise jurisdiction on any other matter as may be prescribed by an Act of the National Assembly.
(6) In the exercise of its jurisdiction under this Act, the Tribunal shall have the power to interpret this Act and any other enactment, rules or regulation as may be applicable.