*Holds That Subject Matter Sought To Be Preserved In An Interlocutory Application Should Be The Same With That Of The Substantive Case

The Investments and Securities Tribunal (IST) on Friday 21st October, 2022 has dismissed an application wherein the applicant sought an interlocutory injunction to restrain/stop Union Bank of Nigeria Plc from going ahead to hold it’s Annual General Meeting (AGM) scheduled for Monday 24th October, 2022.

The motion which was brought by the Claimant/Applicant in Case No. IST/LA/OA/03/2022 between Miss Princess Mekwunye v. Union Bank Nigeria Plc &2 Ors, sought to restrain the Bank from holding the scheduled meeting on the ground that the legality of shares acquired by Titan Trust Bank Ltd from the former majority shareholders had been challenged in a suit which was pending before the Tribunal.

After, hearing arguments on the motion, on a considered ruling, the Tribunal held thus: “it is trite law that the subject matter sought to be preserved by an interlocutory application must be the same as the subject matter of the substantive case.”

The tribunal went on to hold that the AGM of Union Bank is the subject matter in the interlocutory application, whereas illegality of share transfer is the subject matter in the substantive suit pending before the Tribunal, as such it would be wrong in law to restrain Union Bank from holding it’s AGM which is not an issue submitted to the Tribunal for determination by the Claimant/Applicant.

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