Hearing in a suit involving the President of the Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote, and some shareholders of African Petroleum (AP) Plc continued on Thursday at a federal high court in Lagos, with the NSE boss informing the court that he had appealed against its decision to hear a motion seeking to set aside his election as the chairman and president of the NSE council.

The presiding judge, Justice Mohammed Liman, had on August 4, 2009, ordered parties to maintain the status quo pending the final determination of a suit filed by some aggrieved shareholders of African Petroleum (AP) Plc, against Dangote, Nova Finance and Securities Limited and others, over alleged massive manipulation of AP shares.

However, on August 6, Dangote was elected as NSE president, a development that prompted the shareholders to file a motion to set aside the election on August 7, over allegations that the election was conducted in defiance of a subsisting court order that parties should maintain the status quo.

Dangote and others had also filed preliminary objection to the suit and urged the court to first hear the preliminary objection before the motion to set aside the election.

(Source: Nigerian Tribune)