The Court of Appeal in Lagos has reserved judgment in an appeal filed by the President of Dangote Group, Aliko Dangote, challenging an order of a Federal High Court, removing him as President of the Nigerian Stock Exchange.
Also, the Appeal Court panel headed by Justice Helen Ogunwumiju, also reserved judgment in another appeal filed by Dangote to challenge the contempt proceedings initiated against him by some aggrieved shareholders of African Petroleum Plc.
The appellate court reserved judgment in the appeals after parties to the appeal adopted their written briefs.
Justice Lambo Akanbi, of a Federal High Court in Lagos, had on March 12, 2010 removed Dangote as the NSE President.
The Federal High Court hinged Dangote’s removal as the NSE President on the grounds the conduct of his election as the president of the Exchange violated an existing order of court.
The plaintiffs in the suit are the AP shareholders, who filed the suit through their lawyer, Onyebuchi Aniakor.
In their substantive suit, the aggrieved AP shareholders sued Dangote, Nova Finance and Securities Limited and others over an alleged massive manipulation of AP shares.
Justice Mohammed Liman, who was initially handling the matter, had on August 4, 2009 directed parties to maintain the status quo.