Home » Business » BGL: Court refuses to grant SEC’s request
BGL: Court refuses to grant SEC’s request
Albert Okumagba

BGL: Court refuses to grant SEC’s request

The court battle between the Security and Exchange Commission (SEC) and the BGL Group was enacted again at the Federal High Court, Lagos today.

The case which came up before Justice Yinusa Mohammed saw two Senior Advocates of Nigeria (SANs) Mr. Kemi Pinheiro and Mr. Kanyisola Ajayi.

In the legal fireworks that ensued, Mr. Kanyisola Ajayi had called on the Judge to vacate the exparte motion granted BGL Group and its Chairman, Mr. Albert Okumagba barring SEC and its officials from effecting their purported suspension from the Capital Market.

The alleged suspension according to SEC was taken following the receipt of  over 40 letters of investor complaints against BGL Group of indebtedness up to the tune of about N5.8 billion. Ajayi not only called for the exparte to be vacated but also went further to challenge the jurisdiction of the court.

In his statements, Mr. Pinheiro, SAN stated that the matter should not be heard at all because SEC had actually written to the Chief Justice of the Federation complaining that it had no confidence in the Judges who are hearing the case, he therefore expressed surprised that the same agency is coming to court to seek prayers. He therefore submitted that until its letter is disposed off the case should not go ahead.

That was not all, he also stated that the purported suspension of BGL was carried out by a body known as the Executive Committee, this body, accorded to the learned gentleman is not known to law, and therefore cannot take any decision that is legally binding.

He further said that he was in court to protect the rights of BGL and its officials from the media trial conducted by SEC, which had adversely affected its operations and its reputation.

After listening to both parties, Justice Yinusa refused to grant the prayers of SEC, rather he adjourned the matter till September 14 for further hearing.

Leave a Reply

Your email address will not be published.

%d bloggers like this: