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RT. Hon. Uduimo Itsueli Vs SEC

Category: Regulators

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RT. Hon. Uduimo Itsueli Vs SEC


SUIT NO: FHC/L/430/08
The above suit had been filed at the Court, by the applicant, Dr Uduimo Itsueli, the Chairman of Cadbury Nig. Plc, against the decision of the Administrative Proceedings Committee (APC) of the Commission. The Applicant in the matter had secured an ex-parte order of the Court for the enforcement of his Fundamental Human Rights. In his Motion on Notice dated April 17, 2008, the Applicant is praying the Court for a declaration that:
1. the procedure leading to the decision against the applicant by the Commission did not secure the fairness, independence and impartiality of the Commission and APC as required under Section 36 of the 1999 constitution;
2. the APC decision of March 27 and 28, 2008 reached in the absence of and without notice to the applicant violated the applicant’s Fundamental Human Right of fair hearing guaranteed under Section 36 of the 1999 Constitution;
3. that the entire decision making process of the Commission particularly the decision reached against the applicant is unconstitutional;
4. that the decision disqualifying the applicant from holding directorship position in any public company for a period of one year when he has not been proved guilty or convicted of any offence usurp the powers of the Court -vis the qualification of directors in the management of companies and therefore null and void.
The applicant further prayed the Court for the following orders:
1. an order restraining the Commission from confirming and/ or enforcing or giving effect to the decision reached in the absence of the applicant;
2. an order quashing the decision of the APC at the sitting on March 27 and 28, 2008;
3. an order nullifying the proceedings of the APC on March 27 and 28, 2008 on the ground that they violate the applicant’s Fundamental Human Rights enshrined in the 1999 Constitution.
 Source: Securities & Exchange Commission Nigeria (SEC)

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