A authorized practitioner primarily based in Lagos, Dr. Charles Mekwunye has dragged the Safety and Alternate Fee, SEC, earlier than a Federal Excessive Court docket sitting in Abuja in search of to cease the deliberate itemizing of MTN shares on the ground of Nigeria Inventory Alternate.
Within the go well with marked as FHC/ABJ/CS/2019, Dr Mekwunye is asking the courtroom for a perpetual injunction restraining SEC from going forward with the itemizing of MTN shares pending the dedication of a go well with earlier than the Supreme Court docket bothering on alleged breach of contract within the divestment of MTN belongings.
Joined within the go well with as co-defendants are MTN and Nigeria Inventory Alternate, NSE.
Within the originating summons filed earlier than the Federal Excessive Court docket, Dr Mekwunye is asking the courtroom to find out whether or not SEC can approve the itemizing of MTN shares within the Nigeria Inventory Alternate in view of the pending go well with earlier than the Supreme Court docket.
In a Movement on Discover of Interlocutory Injunction, Dr Mekwunye is praying the courtroom for an order of interlocutor injunction restraining the defendants or their brokers from promoting, publishing or itemizing MTN shares on the Nigeria inventory alternate pending the listening to and dedication of the substantive go well with.
The plaintiff can also be asking the courtroom to direct the defendants to keep up establishment ante concerning the itemizing of MTN shares and an extra order nullifying all approvals given to MTN by SEC and NSE in the direction of facilitating the itemizing of its shares.
Mekwunye can also be praying the courtroom for an order of necessary/ restorative injunction setting apart and or nullifying all actions taken together with notices, resolutions and authorizations and so forth by MTN with a view to facilitating the itemizing of its shares.
Dr. Mekwunye had in 2008 dragged MTN, Lotus Capital and Stanbic IBTC Asset Administration, IHS Holding LTD and INT Towers Ltd earlier than the Federal Excessive Court docket over alleged breach of contract within the large divestment of MTN belongings.
Mekwunye claimed on the decrease courtroom that MTN by its appointed nominee, Stanbic IBTC Asset Administration and LOTUS Capital defaulted in a share funding settlement with him.He urged the courtroom then, to restrain MTN from itemizing its shares on the inventory market pending the dedication of the go well with.
However ruling on a preliminary objection raised by MTN on the competence of the go well with, the trial Decide, Justice Mojisola Olateru, requested events within the go well with to discover the arbitration clause embedded within the contract.
Dissatisfied with the ruling of the decrease courtroom, Mekwunye filed a movement on discover on February 26, 2018 on the Court docket of Attraction arguing that an arbitration clause in settlement between him and MTN can’t be used to find out the go well with involving IHS Holdings Ltd and INT Towers Ltd who should not events to the arbitration clause.The Court docket of Attraction in its ruling additionally requested events within the go well with to pursue arbitration earlier identified by the decrease courtroom.
Nonetheless not happy with the ruling of the Court docket of Attraction, Mekwunye took the matter to the Supreme Court docket, insisting that the crux of the matter is the failure of the respondents to listing MTN shares in NSE in 2011 as agreed by events and that till the go well with is correctly decided, MTN ought to not be allowed to listing its shares on the inventory market. The Supreme Court docket is but to offer remaining verdict on the matter.