The Court of Appeal in Lagos has reserved judgment for an appeal filed by the chairman of Dangote Group, Aliko Dangote challenging his sack as President of the Nigerian Stock Exchange (NSE).

The Appeal Court panel, presided over by Justice Helen Ogunwumiju, also reserved judgment in respect of another appeal filed by Dangote to challenge the contempt proceedings initiated against him by some aggrieved shareholders of African Petroleum PLC.

Mr Dangote appealed the judgements after Justice Lambo Akanbi who was then sitting at the Federal High Court in Lagos removed him as the NSE President in March, 2010.

The ruling was sequel to an application filed by AP shareholders to challenge the legitimacy of the election which was held after the court directed parties to maintain the status quo, pending the determination of some pending applications.

The aggrieved AP shareholders had through the substantive suit, also filed legal proceedings against Dangote, Nova Finance and Securities Limited and others over alleged massive manipulation of AP shares.

When the matter came up, lawyer to the shareholders urged the appellate court to dismiss Mr Dangote’s appeals on the ground that they were incompetent and frivolous as the leave of the lower court was neither sought nor obtained before the notice of appeals were filed.