AP shareholders ask Supreme Court to restrain Dangote as NSE President

Shareholders of African Petroleum, (AP) PLC, have asked the Supreme Court to set aside the judgment of the Court of Appeal, Lagos, which allowed Mr Aliko Dangote resume as President of Nigerian Stock Exchange, NSE.

The aggrieved AP shareholders, through their counsel, Mr Onyebuchi Aniakor submit that the appellate court erred in law, in its proceeding.

The shareholders want the Supreme court to restrain Mr Aliko Dangote from taking any step and/or further steps to occupy and/or assume the duties & rights of President of NSE, in pursuance of the decision of the Court of Appeal pending the hearing and final determination of the appeal at the Supreme Court.

They also want the appellate court to restrain the defendant from parading himself and/or allowing himself to be paraded as President of NSE, pending the hearing and final determination of the appeal at the Supreme Court

Dangote resumed back as the president of the NSE on Tuesday, June 19 following a Court of Appeal ruling which reversed a federal high court judgement that nullified his election as the president of the nation’s bourse.

Africa’s richest man was in August 2009, elected the 17th president of the NSE based on a unanimous acclamation by the council members.

Justice Muhammed Liman of the Federal High Court, Lagos, nullified the election, ruling that it was in clear violation of an order of August 4, 2009, which directed all parties to maintain status quo in a suit by aggrieved shareholders of AP Plc.

The suit was against Dangote, Nova Finance and Securities Limited; a stock broking firm, and others on allegation that AP’s share prices were manipulated.

Dangote appealed against that decision and urged the Court of Appeal to set aside the ruling of the lower court.

In its judgment, the Court of Appeal held that since the federal high court was wrong to order parties to maintain status quo, there was no need to annul the election.

The court also held that Mr Dangote cannot be held for contempt over the elections.