SUIT NO. FHC/L/CS/483/2008
The above suit has been filed against the Commission, the APC and the Secretary to the APC at the Federal High Court, Lagos. The Appellant is challenging the decision of the Commission’s APC wherein he was sanctioned in respect of the misstatements in the published accounts of Cadbury Nig. Plc (2002 – 2005).
The Appellant has obtained an order of the Court granting leave to apply for a judicial review of the decision of the APC. Furthermore, the Appellant is seeking the following reliefs:
1.A Declaration that SEC lacked the competence/jurisdiction to adjudicate upon the allegations concerning misstatement in the published accounts of Cadbury Nig. Plc.
2.A Declaration that the indictment and trial of the Applicant by SEC’s APC was in breach of his constitutional right to fair hearing and is unconstitutional and void.
3.A Declaration that the Respondents acted ultra vires their powers in making their decision in respect of the alleged misstatement in the accounts of Cadbury Nig. Plc.
4.An Order of Certiorari before the Court for the purpose of quashing the decision of the Commission’s APC in respect of the alleged misstatement in the accounts of Cadbury Nig. Plc.
5.An order of injunction restraining the Defendants from implementing the decision of the APC.
Source: Securities & Exchange Commission Nigeria (SEC)