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AP shareholders ask court to nullify election of Dangote

By Innocent Anaba

LAGOS – Some shareholders of African Petroleum Plc, who prayed a Federal High Court sitting in Lagos, to restrain the Nigerian Stock Exchange (NSE) from continuing to retain or permit Alhaji Aliko Dangote to remain/occupy the office of the 1st Vice President and member of the Council of the NSE and deal with him (Dangote) in such or any like capacity, have asked the court to nullify the NSE election, at which Alhaji Dangote emerged the President of the Exchange.

The court had on August 4 ordered parties to maintain status quo in the matter.

The AP Plc shareholders had sued Mr Femi Otedola, AP chairman and some other shareholders of the company (AP Plc) for failing to take enough action against Nova Finance and Securities Ltd in respect of the alleged manipulation of the company’s share.

Counsel to the shareholders, Mr Onyebuchi Aniakor, in the fresh application is praying the court for an order nullifying, vacating and/or setting aside and in their  entirety any and all steps and/or action taken by the Nigerian Stock Exchange in purporting to elect Alhaji Dangote as the  President of the Council of the NSE and the purported election itself on August 6, 2009 during the pendency of this suit; and in defiance of the solemn orders of court delivered on August 4, 2009 for being invalid, null and void and of no effect  whatsoever.

The application, according to the shareholders, is predicated on the grounds, “that on August 4, 2009, this  court upon the application of the 11th defendant’s counsel adjourned this suit for hearing on both 11th defendant’s preliminary objection and the plaintiff motion for interlocutory injunction to the August 11, 2009 whilst ordering parties to maintain the status quo pending the hearing of the applications.

*That the said orders of this court were duly served on the Council of the NSE and the 14th defendant herein, the Securities and Exchange Commission respectively on August 5, 2009.


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