A Federal High Court sitting in Lagos has adjourned till fixed July 22 for the hearing of the substantive suit brought by two chief executive officers of Oando Plc, seeking enforcement of their rights.
The court also fixed July 4th to hear arguments on the motion for consolidation.
At the resumed hearing, Mr. Yele Delano (SAN) announced appearance for Oando and expressed the company’s intention to be joined in the suit as well as seeking a consolidation of similar suits, pending before the court.
Delano also sought an adjournment to enable him file his processes in the suit.
In response, counsel to SEC, Idigbe raised an objection to their request for joiner, on the grounds that it would pre-determine the respondent’s case.
He argued that the issue of application consolidation was intended to frustrate the case, thereby elongating the hearing of the case. He further argued the party in question has not formally processed the application for consolidation, it was only a mere oral expression.
According to him, “My Lord, this matter was adjourned to today for hearing, and I am prepared to go on. The issue of consolidation of the cases is meant to accelerate the matter rather than taking it backward”.
He argued that if the court allows the joinder, it would have pre-determined the case of the defence and therefore urged the court to refuse the application.
On his part, counsel to the applicants, Mr. Tayo Oyetibo (SAN) argued in favour of the request for joining and urged the court to allow the party seeking to be joined in the suit.
According to him, if the court refuses the application for joinder, and the party goes on to appeal, then the applicant will be affected.
In a short consideration of the issues, the court held that it was far-reaching to think that the grant of an adjournment to enable a party file a motion; will be considered prejudicial to the defence.
On that note, Justice Ayokunle Faji adjourned the case until July 4, to hear arguments on the motion for consolidation, and also fixed July 22, for hearing of the substantive suit
FG inaugurates SEC board, harps on good corporate governance
By Benjamin Umuteme
Listed companies in the capital market have been urged to imbibe good corporate governance and accountability in a bid to accelerate the growth of the market and increase both domestic and foreign investor participation.
The Permanent Secretary, Federal Ministry of Finance, Mr. Mahmoud Isa-Dutse, said this at the inauguration of the board of the Securities and Exchange Commission (SEC), on Monday in Abuja.
According to the permanent secretary who also oversees the office of the Minister of Finance, transparency and investor confidence is key to the sustenance and growth of the Nigerian capital market.
The board members are Olufemi Lijadu, Chairman, Mr. Lamido Yuguda non-executive Commissioner, Mrs Rekiya Ladi non-executive Commissioner, Mr. Okokon Ekanem Udo- Rep of Ministry of Finance, Mrs Angela Adewumi Sere-Ejembi- Rep CBN, and Ms. Mary Uduk Acting DG.
Others are Mr. Henry Rowlands- Acting Executive Commissioner Corporate Services, Mr. Isyaku Tilde Acting Executive Commissioner Operations, and Mr. Reginald Karawusa Acting Executive Commissioner Legal and Enforcement.
He said that like other world class markets, Nigerian capital market should be characterised by high levels of liquidity, depth, breath and sophistication with a strong domestic investor base.
“It should be innovative, transparent due to robust investor base. It should be innovative, transparent due to robust disclosure regimes, and efficient both in price discovery and in the allocation of capital. We must have it in mind that world-class capital markets do far more than provide access to capital. They are enablers of socio-economic development because they hasten the rate of capital formation, foster a meritocracy and promote good corporate governance, innovation and entrepreneurship.
“Thus, our capital market should broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and wealth distribution, providing capital to small and medium scale enterprises (SMEs), and catalysing housing finance.
Isa-Dutse stated that the inauguration is coming at a time when many players in the market are displaying weak corporate governance practices that could potentially dampen investor confidence and undermine the steady gains achieved since the 2008 stock market crash. He, therefore urged the board members to play their own part as crucial enablers in the industry towards advancing a common vision for the growth and revitalization of our market.
“The administration of President Muhammadu Buhari is committed to transparency and accountability in corporate governance. To this end, I must emphasise that the role of governing boards is to provide effective oversight and strategic adversary to management team. I would therefore like to advise all concerned to study and strictly adhere to laid down laws that have clearly defined the roles and responsibilities of the board members” he added.
In his remarks, Chairman of the SEC Board, Mr. Olufemi Lijadu emphasised thatcCapital markets are very important in the socio economic development of any nation as it plays a critical role in attracting investments.
In her remarks, Acting Director General of the SEC, Ms Mary Uduk expressed delight at the inauguration of the board which she said will assist in moving the capital market forward. She welcomed the new members and expressed optimism that they will bring their wealth of experience to bear in the running of the Commission and the market.
NSE: Investors’ wealth depleted by N38bn
By Amaka Ifeakandu
Transactions on the floor of the Nigerian Stock Exchange (NSE) Monday opened week in negative trend, declining by N 38 billion.
Specifically, market capitalisation of listed equities declined further by 0.28 kobo to N13.116 trillion from N13.154 trillion reported last week Friday
The NSE All Share Index also depreciated by 85.98 basis points to 29765.31 points from 29851.29 recorded the previous day.
Investors traded 573.674 million shares valued at N10.213 billion in 4076 deals against 189.956 million shares worth N4.161 billion exchanged hands in 3089 deals.
A review of the investment for the day showed that Julius Berger led gainers table during the day appreciating by N1.40 kobo to close at N20.90 kobo, Lafarge Wapco Plc followed with a gain of N0.95 kobo to close at N10.50 kobo, Nigerian Breweries gained N0.50 kobo to close at N57.50 kobo, Dangote Sugar Refinery Plc added N0.45 kobo to close at N12.45 kobo, Guaranty Trust Bank increased by N0.25 kobo to close at N31.25 kobo
On the contrary, Forte Oil Plc recorded the highest loss, dropping by N3.45 kobo to close at N31.20 kobo, MTN Nigeria Communications Plc trailed with a loss of N2.00 to close at N130.00, C&I Leasing went down by N0.63 kobo to close at N5.67 kobo, Stanbic IBTC group sheds N0.40 kobo to close at N41.50 kobo while Zenith Bank Plc declined by N0.20 kobo to close at N20.00.
The NSE daily trading result further showed that Sterling Bank was the most active stock during the day having accounted for 54.959 million shares valued at N131.912 million. Wapco followed with account of 32.441 million shares worth N340.634 million Access Bank sold a total of 26.929 million shares cost N185.114 million. Guaranty Trust Bank exchanged 25.844 million shares worth N801.296 million while Zenith Bank traded 19.872 million shares valued at N398.892 million.