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1. Securities and Exchange Commission Vs Golden Guinea Breweries Plc & 2 ORS  Suit No. FHC/ABJ/CS/118/02

 

This action was filed by the Commission against Golden Guinea Breweries Plc & 2 Ors for refusal to comply with its directive to issue and deliver share certificates to Messrs Floco Verawaltung-Und, a shareholder of Golden Guinea Breweries Plc (hereinafter referred to as the 1st Respondent) for additional shares it purchased from the 1st Respondent.

 

The Commission sought the court to determine the following issues:

 

(a) whether the Commission had the final statutory authority under the ISA 1999 and the Rules and Regulations made pursuant thereto to approve allotment of shares in the 1st Respondent;

 

(b) whether the Commission had powers in law to direct the Respondents and in particular the 1st Respondent and any publicly quoted company within Nigeria to abide by its lawful directives, with regard to any matter arising from the exercise of its powers as contained in the ISA 1999 and the Rules made pursuant thereto.

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