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Tribunal to Parties: We give you 6 weeks ultimatum to explore options of settlement

By Chinedu Adonu

ENUGU – INVESTMENTS and Securities Tribunal (IST) sitting in Enugu on Tuesday gave parties in an investment and securities case before it six weeks ultimatum to explore options of settlement.

Judicial symbol for justice

The four-man tribunal panel sat on suit numbers IST/EN/OA/02/2018 and IST/EN/OA/03/2018 involving Dr Chuba Agbim, as claimant, against Securities and Exchange Commission (SEC) and two others in the first case  and against SEC and two others in second mentioned case.

Earlier, Mr John Nwakoyo, counsel to SEC for the two cases, noted that the commission had already been contacted  by the parties  with a view of settlement.

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Nwakoyo noted that the commission through its enforcement department had been able to bring together each of the two other defendants in the two matters and the claimant lawyer, Mr K.E. Igwe, to enable complete settlement.

Responding, counsel to claimant, Igwe, noted that his client was not opposed to the resolve of SEC to bring settlement to unauthorized sales of his client’s Vitafoam Plc and First Bank Plc shares.

The Presiding Chairman of the tribunal, Dr Ahmed Abubakar, directed the parties to file a formal written application on their prayers.

“This tribunal adjourns to May 8 for report of the settlement or proceed on definite hearing of the matter,’’ he said.

The other members of the tribunal include Mr Nosa Osemwengie, Mr Albert Otesile and Mr Edward Ajayi.

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