by innocnt anaba
LAGOS—Nigerian Stock Exchange, NSE, and the Security and Exchange Commission, SEC, have been restrained by a Federal High Court sitting in Lagos from suspending some former council members of the NSE from capital market activities, over the N1.36 billion shared bonus crises which erupted last year.

The defendants and their agents were also restrained from giving effect to the contents of some letters dated October 11 and 15 written by SEC and NSE, directing the Council members, who served between 2006 and 2008, to refund what was paid to them, which the agencies termed ‘shared bonuses’.

Trial judge in the matter, Justice Okechukwu Okeke, in his ruling on the application for injunction by the former council members led by Babatunde Sobamowo and Nduke Nwonye, and the defendants’ preliminary objection, said that the order made subsist pending the determination of the substantive suit.

The court also dismissed the defendants’ preliminary objection for lacking in merit.

The court said: “It is my view that the right of the plaintiffs to remain in business must be protected. The defendants have not said they will lose anything should the status quo be maintained with the granting of the reliefs sought by the plaintiffs.” The plaintiffs in the substantive suit, are challenging the legitimacy of the SEC’s and NSE’s directive, requiring them to refund part of their past earnings. They argued that the said funds were justly earned by them and utilised to promote the objectives of NSE during their tenure.

Defendants in the suit are NSE, its Interim Administrator and President, Emmanuel Ikhazoboh, and Balama Malu, SEC, and its Director-General, Arunma Oteh.