SEC’s petition against Hon. Judge in BGL case unsubstantiated - Judicial Council


Tuesday, April 19, 2016 4.13 PM / TheWill extract

The National Judicial Council (NJC) under the Chairmanship of the Honourable, the Chief Justice of Nigeria, Hon. Justice Mahmud Mohammed, GCON, has exonerated Hon. Justice Saliu Saidu of the Federal High Court, Lagos of misconduct as it found unsubstantiated a petition of alleged misconduct written against him by the Securities and Exchange Commission (SEC).


This NJC’s decision was reached at its meeting, held on 13th and 14th April, 2016.


Soji Oye, Esq., NJC’s Ag. Director, Information, in a statement Tuesday, said: “The Hon. Judge was alleged to have been biased in granting Ex-parte Orders of injunction against the Commission in Suit No FNC\L\CS\767\15: BGL Ltd and Ors V. Securities and Exchange Commission without due regard to the relevant factors and circumstances of the case.”


The Counsel to the Securities and Exchange Commission, Oluwaseun Olusiyi was also reported to the Legal Practitioners Disciplinary Committee for walking out on the Judge on the matter when she was told the matter was not ripe for hearing for disciplinary action.


In the last two years, the National Judicial Council has been repositioned and some reforms which are ongoing have been introduced pursuant to the Provisions of Section 160 of the 1999 Constitution of the Federal Republic of Nigeria, as amended, viz:

·         Revised National Judicial Council Guidelines & Procedural Rules for Appointment of Judicial Officers of all Superior Courts of Record in Nigeria; 

·         Judicial Discipline Regulations; 

·         Code of Conduct for Judicial Officers of the Federal Republic of Nigeria; and 

·         National Judicial Policy


Given the far reaching amendments effected in the aforementioned documents and the laudable policies introduced in the National Judicial Policy which will impact on the general administration of justice, Council decided that it is imperative for the Honourable, The Chief Justice of Nigeria and Chairman of National Judicial Council to publicly launch them on a date to be announced.”

Related News

1.       Federal Court discharges Ex-Parte order obtained by BGL ... Sep 20, 2015

2.      Confusion hits investors as BGL Plc confirmed as NOT TRADABLE on NASD OTC – Sept 18, 2015

3.      N28.9bn fraud: EFCC arrests BGL boss, Okumagba – Sep 1, 2015

4.      Alleged Infractions: BGL to Appear Before SEC On Tuesday, Aug 04, 2015

5.      FHC Orders SEC to vacate suspension of BGL Plc and sponsored individuals

6.      SEC Suspends BGL and Its Sponsored Individuals from All Capital - May 21, 2015  

7.      Okumagba steps aside as CIS president – Punch – May 01, 2015

8.     The BGL Debacle, Articles | THISDAY

9.      Federal Court nullifies SEC decision to take over BGL Plc – May 08, 2015

10.  BGL Plc - Of Regulatory Action, Investor Confidence Issues and Matters Arising – Apr 24, 2015

11.   BGL to undergo re-capitalization process

12.  Capital Market: BGL Crisis Indicts SEC, NSE – Experts | Apr 27, 2015.

13.  BGL to List Shares on NSE - Proshare

14.  SEC suspends BGL board, constitutes interim body

15.   Private Placement Laws in Nigeria – A critique of Stella Erhurhoro vs BGL Plc - Feb 18, 2014

16.  SEC confirms investigation of BGL

17.   Okumagba Elected President, Chartered Institute of Stockbrokers 


Related News