The Federal High Court sitting on Monday, December 6, 2010 has delivered its ruling on whether or not it will adjourn sine die (indefinitely) the case of wrongful removal from office instituted by Prof (Mrs.) Ndi Okereke-Onyiuke against the Securities & Exchange Commission (SEC).

 

It will be recalled that Prof (Mrs.) Ndi Okereke-Onyiuke went to court through her lawyer, Chief Wole Olanipekun (SAN) on August 6, 2010 challenging the way and manner she was forcefully removed from office by the SEC who deployed a number of security personnel to take over the premises of the Stock Exchange, a private company.

 

The matter came up for hearing before Justice Idris and SEC immediately filed a preliminary objection challenging the jurisdiction of the Federal High Court to hear the case. Arguments by the counsels on both sides were heard and the Court relying on recent Supreme Court cases ruled that it will consolidate both the substantive case and the issue of jurisdiction together and deliver one judgement in the interest of justice and fairness.

 

The Appeal

SEC through its counsel had asked for a fresh twenty one (21) days to file its counter affidavit. Prof (Mrs.) Ndi Okereke-Onyiuke’s lawyer then opposed this and asked that the SEC be given no more than seven (7) days to file its counter affidavit having been served with court papers over three (3) weeks earlier where it had requested for seven (7) days to file its reply. The trial judge then had given the SEC 14 days within which to file its papers and granted Chief Olanipekun, 7 days to file reply on behalf of his client. The case was therefore adjourned.

On the hearing date agreed, instead of the SEC to file its affidavit as requested previously, it informed the court that it had filed an appeal against the ruling before the court of appeal and tendered documents in respect of the appeal.

 

SEC’s counsel, Chief Babatunde Fagbohunle (SAN) therefore went to the Court of Appeal to challenge the ruling of the Federal High Court to hear the matter altogether.

 

The Appeal Court sat and considered the above appeal on the 24th day of Nov. 2010. The learned trial justices after hearing arguments from both sides, dismissed and struck out SEC’s appeal for lack of merit with a cost of N10,000:00 awarded to Prof (Mrs.) Ndi Okereke-Onyiuke. The appeal court further held that the matter be taken back to the Federal High Court for adjudication.

 

The Resumption at the FHC

At the hearing before Hon. Justice Idris last week, Chief B. Fagbohunle informed the court that SEC has filed an appeal against the ruling of the Court of Appeal to the Supreme Court of Nigeria and asked the Court to adjourn the matter sine die (indefinitely) till after the determination of its appeal at the Supreme Court.

 

Chief Wole Olanipekun (SAN) opposed this move and cited legal authorities why the court should not encourage a party who has no defence to continue to dribble the court for nothing. He further posited that the court is bound by the decision of the court of appeal unless the supreme court rules otherwise and the fact that a party has appeal against a decision of a lower court cannot function as stay of proceeding without a specific order from the higher court. After exchanges and arguments from both sides, the Hon. Justice adjourned the matter to 6th of December 2010 for ruling.

 

In his ruling, Hon Justice Idris dismissed the application of SEC to adjourn the matter indefinitely or till the middle of next year to enable it file its counter affidavit.

 

He therefore ruled that he will take argument(s) on the originating sermon and adoption of same on Monday, 13th of December 2010.

 

No Urgency Argument

Chief Fagbohunle (SAN) of SEC had earlier argued that there is no urgency in the matter and that the court should grant him long adjournment to enable him file his affidavit.

 

Mr. Wole Olanipekun (SAN) in response, urged the court to discountenance the defendant’s delay tactics and proceed with the hearing of the case as the defendant had all the time in the world since August 2010 to file their counter affidavit but failed to do so.

 

As to the argument that the learned senior advocate wants the court to adjourn the matter till middle of next year because he has ‘arbitration matters which will take his time’, Mr. Olanipekun argued that SEC is being represented by two law firmswith senior advocates (SANs) as principals and as a matter of fact the other chambers has a more senior (SAN) who can handle the matter if Chief Fagbohunle is indisposed as he claimed.

 

The trial Hon. Judge after hearing both sides dismissed SEC’s application and adjourned the matter to December 13, 2010 to enable SEC file its counter affidavit and adoption of argument.

 

 

Source: Proshare