Thomas Kingsley Securities Ltd & ANOR VS SEC & 9 ORS

Thomas Kingsley Securities Ltd & ANOR VS SEC & 9 ORS

 

 01-Jan-2008
SUIT NO. FHC/L/CS/1001/08
The Plaintiffs filed this action at the Federal High Court, Lagos against the Commission and 9 other respondents by a writ of summons dated June 30, 2008. The Plaintiffs in the suit were the respondents in Suit No. IST/OA/01/05, which was heard and determined by the IST on October 27, 2005. The Commission in February 2005 instituted an action at the Investments & Securities Tribunal against Thomas Kingsley Securities Ltd and Sir Kingsley Ikpe for the following reliefs:
1. an order freezing all accounts of Thomas Kingsley Securities Ltd operated by Chief Thomas Kingsley, his representative company as well as all personal accounts of Chief Thomas Kingsley Ikpe with any bank;
2. an order of the Tribunal allowing the Interim Management Team set up by the Commission to operate the frozen accounts of Thomas Kingsley Securities for the purpose of settling the investors affected by the conduct of the respondents.
The Tribunal on October 27, 2005 delivered its judgment and granted all the reliefs sought by the Commission. In the writ of summons now before the Federal High Court, the Plaintiff avers that even prior to the order of the IST, the Commission had illegally requested 12 different banks to freeze the accounts and consequently their accounts were frozen.
The Plaintiffs alleged that contrary to the express and clear orders of the IST made on October 27, 2005 the Commission took over the entire business activities of the plaintiffs including all its assets and ran same without any representative from the Board of the plaintiffs and therefore acted contrary to its mandate.
The plaintiffs also alleged that the Commission’s Interim Management team exceeded its powers as granted by the Tribunal on October 27, 2005 and therefore acted ultra-vires. The plaintiffs further aver that the Commission and the 9 defendants acted illegally in operating the frozen accounts of the plaintiffs without complying with the order that specified on how the accounts should be operated.
The plaintiffs are whereof claiming against the defendants individually and collectively the following reliefs:
1.An order compelling the defendants to render a full account of all transactions that took place while in exercise of the affairs of the plaintiffs.
2.An order compelling the Commission to give full disclosure of what transpired during the management of the company including official records, office equipment and all other properties of the plaintiffs.
3.An order directing an enquiry by a receiver to ascertain the losses and damages suffered by the plaintiffs as a result of wrongful action by the Commission and its agents.
4.An order compelling all the 8 banks to give a full detailed disclosure of all the funds and share proceeds in the plaintiffs’ account that was transferred to Zenith Bank Plc special account on the instruction of the Commission or to any other account including the statement of account covering the period of July 2004 to date.
5.An order compelling the Commission to produce all records of transaction on all the shares of the plaintiffs including those they were managing for other clients.
6.An order compelling all the 10 banks in dispute to defreeze the account of the plaintiffs.
7.Damages in the sum of N1,000,000,000 (one billion Naira) for the loss of business for the period 2004 – 2008.
Source: Securities & Exchange Commission Nigeria (SEC)

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