Breaking News

Lawyer sues SEC, seeks stoppage of MTN listing

By Henry Ojelu

LAGOS—A Lagos-based lawyer, Dr. Charles Mekwunye has dragged the Security and Exchange Commission, SEC, before a Federal High Court sitting in Abuja seeking to stop the planned listing of MTN shares on the floor of Nigeria Stock Exchange.
In the suit marked as FHC/ABJ/CS/2019, Dr Mekwunye is asking the court for a perpetual injunction restraining SEC from going ahead with the listing of MTN shares pending the determination of a suit before the Supreme Court  bothering on alleged breach of contract in the divestment of MTN assets.

Joined in the suit, as co-defendants, are MTN and Nigeria Stock Exchange, NSE.

In the originating summons filed before the Federal High Court, Dr Mekwunye is asking the court to determine whether SEC can approve the listing of MTN shares in the Nigeria Stock Exchange in view of the pending suit before the Supreme Court.

Capital Market: MTN listing, NNPC privatisation will spur more participation of investors – Usman
In a motion on notice of Interlocutory Injunction, Dr Mekwunye is praying the court for an order of interlocutor injunction restraining the defendants or their agents from advertising, publishing or listing MTN shares on  the Nigeria stock exchange pending the hearing and determination of the substantive suit.
The plaintiff is also asking the court to direct the defendants to maintain status quo ante regarding the listing of MTN shares and a further order nullifying all approvals given to MTN by SEC and NSE towards facilitating the listing of its shares.

Mekwunye is also urging the court for an order of mandatory/ restorative injunction setting aside and or nullifying all actions taken including notices, resolutions and authorizations etc by MTN with a view to facilitating the listing of its shares.
The legal practitioner had in 2008 dragged MTN, Lotus Capital and Stanbic IBTC Asset Management, IHS Holding LTD and INT Towers Ltd before the Federal High Court over alleged breach of contract in the massive divestment of MTN assets.

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.