Federal Court nullifies SEC decision to take over BGL Plc

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Friday, May 08, 2015 7.16 PM / News
 

The Federal High court of Nigeria, Lagos has granted an order granting leave to BGL, by way of judicial review, for orders of certiorari, prohibition, declaration and mandatory injunction in respect of a case brought before Justice M. N. Yunusa asking the Investments and Securities Tribunal (IST) and the Securities and Exchange Commission (SEC) to relinquish and restore the control of the affairs of the company to its Board.
 

This order was granted on April 30, 2015; ten days after the news broke from a national daily reporting the suspension of the BGL board and the appointment of an interim management for the group by the Securities and Exchange Commission (SEC), a report later affirmed by the Ag. DG of the SEC in widely publicized news platforms.
 

With this report, the status quo is to remain while the case is adjourned to the 25th day of May 2015 for a report of compliance and hearing of the motion on notice.

 

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