Tribunal delivers judgment on capital market transaction in 90 days in Enugu

The Investments and Securities Tribunal (IST) sitting in Enugu has delivered its first judgment after the newly re-constituted 10-man tribunal started sitting in the state from Nov. 6, 2018.
The tribunal delivered judge on suit number IST/EN/OA/02/14 involving one Dr Okam Kalu Ugwu as claimant and Securities and Exchange Commission (SEC) and four others as defendants.

Delivering the judgment, the Presiding Chairman of the IST Tribunal, Mr Nosa Osemwengie, said that all the sales of shares of Ugwu by the 2nd, 3rd and 4thdefendants are irregular transactions and hereby declared null and void.

Osemwengie, however, exonerated the Securities and Exchange Commission (SEC) since they are only playing a regulatory role; while it criticized the 5thdefendant for unprofessional conduct.

“In conclusion, the 2nd, 3rd and 4th defendants should return and restore the shares of the claimant and ensure he is enlisted as the shareholder in union bank, Nigeria Breweries and other shares in contention within 30 days of this judgment.

“He should be allowed to engage the services of any stock broker within the country.

“The 2nd, 3rd and 4th defendant must pay damages of N5 million as compensation for the unlawful and unwarranted verification, dematerialization, transfer and sales of the claimant shares within 30 days of this judgment.

“While the 5th defendant will pay a fine of N100,000 to the Federal Government for professional misconduct within 30 days of this judgment,’’ he said.

Reacting, Emma Okoroji counsel to the claimant, said: “My Lord, we are grateful for the judgment and the pain it took the panel to do justice to the matter in record time of 90 days’’.

Okoroji, however, said he would apply for a true copy of the judgment delivered as soon as possible.

The counsel to SEC, Mrs Stella Okolo, commended the industry and diligence of the tribunal for the fast adjudication of the case.

Counsel to the 5th Defendant, Mr A.K. Abdul-azizi, said: “We thank the tribunal for this well-articulated judge even as we are applying to get a copy of the judgment to understudy it’’.

The rest of the panelists that delivered the judgment included: Dr Ahmed Abubakar, Mr Albert Otesile and Mr Kasumi Kurfi