N22.45b investors’ fund: Supreme Court to hear pending applications March 25

The Supreme Court has fixed March 25, 2019 to hear all pending applications on the six-year-old case of the over N22.45billion belonging to the investors of Nospetco Fund Scheme, trapped in the Central Bank of Nigeria (CBN). A five-man panel of Justices of the apex court led by Justice Mary Ukargo Peter Odili adjourned the matter sequel to the failure of Mr Rowland Otaru (SAN), counsel to four of the investors to appear in court. Other members of the panel are Justices Ejembi Eko, Kudirat M.O. Kekere-Ekun, Chima Nwueze, and Mustapha Dattijo Muhammad. When the case was mentioned the presiding Justice asked if any investor Otaru was representing was in court and whether they could explain their lawyer’s absence. One of the investors, Roland Badejo rose and informed the court that Otaru was “indisposed”. Badejo added: “Whatever the court does, we will abide by it, maybe give us an adjournment in the case”. Appearing for the Appellant, Nospetco Oil And Gas Limited, Mr. M. Bamidele from Ricky Tarfa’s chambers, told the court that Mr Debo Adeleke’s application of cross appeal could be heard without Otaru being present. According to Bamidele, “the application was harmless and the appellant was not opposing it”. In his submission, Adeleke, who appeared for 10 of the investors in a representative capacity of over 13,747 other investors, pointed out that as a Senior Advocate of Nigeria (SAN), Otaru could have sent any lawyer from his chambers either in Abuja or Lagos since he knew he would not appear in court. “My lords, even myself I am ill, notwithstanding, I still managed to come. “Assuming without conceding, he is genuinely ill, he ought to have sent, at least, one lawyer from his chambers to represent his clients, having been given notice of hearing,” Adeleke submitted. The apex court cut in and told Adeleke to be patient, adding that it would be unfair to proceed on the case when Otaru was absent. The court, therefore, fixed further hearing in the matter for March 25, 2019. Following the decision of the Security and Exchange Commission (SEC), declaring a scheme founded by Nospetco Oil And Gas Limited illegal, some of the investors came together to form a group and on behalf of others, and through their lawyer, Debo Adeleke, instituted a suit at the Investment and Security Tribunal (IST) for payment of their over N22.45b trapped in the CBN. Following the tribunal’s ruling, which was in their favour, Nospetco Oil and Gas appealed the ruling, but lost. Dissatisfied, the oil company again appealed to the Supreme Court to quash the the lower court’s decision. The investors through their lawyer also cross appealed on whether it is IST or a high court that has proper jurisdiction to handle the case. While waiting for the hearing of the case to commence at the apex court, they became factionalised, with Adeleke and Otaru, representing different factions of the investors. The issue of representation was finally resolved in February when a five-man panel of Justices of the Supreme Court presided over by Justice Bode Rhose-Vivour held that Adeleke could appear for over 13,747 of investors and Otaru for four of them.]]>