Lagos- A Federal High Court, Lagos on Monday declared that four former directors of Newswatch Communications Ltd. (NCL), have ceased to be shareholders of the company.
The ex-directors are: Messrs Ray Ekpu, Dan Agbese, Yakubu Mohammed and Soji Akinrinade.
The trial judge, Justice Okon Abang, made the pronouncement while delivering judgment in a suit filed by NCL against the directors.
The communication company had sought a declaration that former directors have ceased to be shareholders of the company.
Abang had also held that the former directors could not validly declare a trade dispute in a company in which they were no longer shareholders.
“It is the judgment of this honourable court that the case of the plaintiff succeeds and judgment is accordingly entered in their favour.
“The reliefs of the plaintiff is hereby granted and cost is awarded against the defendants in the sum of Ñ45, 000.’’
NCL Chairman, Dr Jimoh Ibrahim and Global Media Mirror, had instituted the suit.
The plaintiffs prayed the court to declare that the four men had since ceased to be directors of the company.
The company had also prayed the court to declare that the ex-directors have no competence to declare a trade dispute under a Share Purchase Agreement between them and the NCL.
They further prayed the court to restrain the former directors from embarking on measures which they said might be inimical to the interests of the media outfit.
On June 14, Mr Bolaji Ayorinde (SAN), counsel representing the plaintiff and Mr Adekunle Oyesanya (SAN), the defendants had both adopted their written submissions, and the court had reserved judgment. (NAN)