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Court grants AP shareholders leave to sue Otedola

By Innocent Anaba

LAGOS — A Federal High Court sitting in Lagos, weekend, granted some shareholders of African Petroleum Plc leave to sue the Chairman of the company, Mr Femi Otedola, and some other shareholders with the name 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.

Trial judge in the matter, Justice Mohammed Lima,  also granted the applicants leave to serve the defendants the precesses in the matter through substituted service.

Defendants in the suit are Mr. Femi Otedola, Alhaji Aliko Dangote, Nova Finance & Securities Ltd, Nigerian Stock Exchange Ltd, The Securities & Exchange Commission (SEC) among others.

Meanwhile, on the applicants prayer for an order of interim injunction restraining 13th defendant (NSE) and the 14th defendant (SEC) or anyone of them by themselves, their agents, servants and/or privies from taking any steps and/or further steps under and/or in furtherance of their respective decisions on the company’s said complaints on the manipulation of its share prices against the Alhaji Dangote and Nova Finance, herein in favour of Alhaji Dangote and against AP Plc as conveyed in the Council of the NSE’s press release dated March 26, 2009 and the SEC’s “Findings and Decisions” dated  April 15, 2009 and/or placing reliance on those findings in so far as they concern Dangote, herein or the company pending the hearing and final determination on the Motion on Notice for, orders of interlocutory injunction filed in this suit, the court ordered that the defendants be put on notice.


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