Shareholders of the African Petroleum Plc have headed for the Supreme Court seeking the reversal of judgment of the Court of Appeal, Lagos, which pronounced Alhaji Aliko Dangote as the duly elected President of the Nigerian Stock Exchange.

They have also filed an application before the Court of Appeal in Lagos seeking an order restraining Dangote from occupying the office or assuming the duties of the NSE president pending determination of their appeal at the Supreme Court.

The appellate court had on June 15, 2012 set aside the decision of Justice Muhammed Liman of a Federal High Court in Lagos which nullified Dangote’s election as the NSE president.

Liman’s reason for nullifying the election was on the grounds that it held on August 5 in violation of an August 4, 2009 order of the court which directed parties to maintain status quo in a suit by some aggrieved shareholders of AP Plc against Dangote.

The plaintiffs in the said suit sued Dangote, a stockbroking firm, Nova Finance and Securities Limited, and others, alleging that AP’s share prices were manipulated.

The Court of Appeal while setting aside the nullification of the NSE President election, faulted the judgment of the lower court, holding that the court was wrong to have ordered parties to maintain status quo. It held that since the order to maintain status quo was wrong, there was no need to annul the election.

The court also held that Dangote could not be held in contempt for participating in the election.

The plaintiffs, through their counsel, Mr. Onyebuchi Aniakor, in their appeal against the Court of Appeal judgment have asked the apex court to set aside the judgment on the grounds that the appellate court was wrong to have held that the order to maintain status quo had no basis.

They contend that the appellate court held so despite “the undisputed facts on the record” to the contrary.

The AP shareholders also faulted Court of Appeal’s decision, contending that it erred in law to substitute and/or set aside the trial court’s exercise of its discretion contrary to the settled legal principles and the law and “in the absence of any lawful or justifiable ground.”

They contended further that the Court of Appeal’s decision “and/or order setting aside and/or vacating the trial court’s order for maintenance of the status quo and allowing Dangote’s appeal was a nullity for having been predicated on a non-existent record of appeal.”

Source: Punch/Ade Adesomoju