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Ayo Akadiri VS SEC

Category: Regulators

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Ayo Akadiri VS SEC


SUIT NO. FHC/L/CS/440/2008
The above suit has been filed against the Commission at the Federal High Court Lagos. The Applicant has, through an ex-parte application, been granted the following:
 1. order of certiorari to remove to the court for quashing, the decision, determination or conclusion of the Commission through the Administrative Proceedings Committee (APC) in so far as it affects the applicant;
2. order of prohibition restraining the Commission from taking further steps against the applicant in relation to or in consequence of the APC;
3. order of injunction restraining the Commission from taking any step or doing anything in consequence of the APC which adversely affect the applicant;
4. a declaration that the APC itself is unconstitutional, illegal, null and void;
5. a declaration that it is unlawful and unconstitutional, null and void for the respondent to have indirectly seized or confiscated the private shares of the applicant through the decision of the APC;
6. a declaration that the respondent does not have the constitutional power to prevent or restrain the applicant from practicing his profession not being the appropriate professional body since the applicant did not obtain his license or certified authority to practice his profession from the respondent;
7. a declaration that the power of the respondent to prescribe or impose at its discretion indeterminate punishment on the applicant is null and void;
8. an order setting aside all the decisions, declarations, deliberations and conclusions of the respondent in so far as it affects the applicant.
Source: Securities & Exchange Commission Nigeria (SEC)

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