BGL/SEC Dispute: Court Extends Order Stopping Suspension | Independent Newspapers Limited
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BGL/SEC Dispute: Court Extends Order Stopping Suspension

Posted: Jul 14, 2015 at 12:19 am   /   by   /   comments (0)

By Tunde Opeseitan,  Lagos


A Federal High Court in Lagos has extended an ex-parte order restraining the Securities and Exchange Commission (SEC) from implementing a directive announcing the suspension of BGL Plc and its subsidiaries from all capital market activities.

Justice Saliu Saidu, who handed down the verdict, also declined a request for adjournment by counsel to SEC, Oluwaseun Olusiyi, on the basis of an application for stay of proceedings.

At the resumed hearing of the matter, Olusiyi had filed an application for stay of proceedings and then urged the court to adjourn for another day to enable it hear the motion.

But the court declined, and instead elected to go on with the business of the day. Based on the ruling of the court, Olusiyi sought the leave of court to withdraw further appearances for the day. The application was granted and she left.

The judge then went ahead to hear BGL’s motion for mandatory injunction.

On his part, counsel to BGL, Kemi Pinheiro (SAN) argued that a litigant couldn’t stay in the comfort of his office and assume that an order of court had elapsed by a fusion of time without the court giving an order setting aside such order.

Justice Saidu, while delivering another ruling for the day, stated: “Until an order of court is given to discharge the said ex-parte order, the order remains valid and subsisting, therefore SEC remains bound by same order”.

The judge consequently adjourned to October 12, 2015 for hearing of all pending applications.

SEC, it would be recalled, had announced the suspension of BGL and its subsidiaries from all capital market activities over alleged anti-market activities and fraud.