The Court of Appeal, Lagos Division, has struck out Aliko Dangote’s application for a stay of proceedings in a suit challenging his election as the President of the Nigerian Stock Exchange.
The suit was filed before Justice Lambo Akanbi of the Federal High Court in Lagos by 15 aggrieved shareholders of the African Petroleum.
Akanbi had nullified the election in a ruling, a development that made Dangote to file the appeal.
He also prayed the appellate court to order the lower court to stay proceedings in the substantive suit pending the outcome of the appeal.
At the resumed hearing of the application for a stay of proceedings, Dangote’s counsel,Seyi Sowemimo told the appellate court that he wanted to withdraw the application.
he submitted that they wanted to go into the substantive appeal challenging the ruling of the Federal High Court that nullified my client’s election as the president of the Nigerian Stock Exchange.
Onyewuchi Aniakor, counsel to the aggrieved shareholders, did not object to the withdrawal of the application.
Presiding Judge, Justice Raphael Chichwe Agbo, struck out the application and awarded a N10,000 cost in favour of the respondents.
Agbo fixed Nov. 4 for hearing in an application filed by Dangote seeking extension of time within which to compile and transmit the records of the case from the lower court to the appellate court.
Akanbi had ruled in an application by the aggrieved African Petroleum shareholders against Dangote’s election.
The judge held that the August six election of Dangote was contemptuous of an order of the court.
He said Justice Muhammed Liman, also of the Federal High Court, had on August last year ordered the Nigerian Stock Exchange to suspend the election pending the determination of an earlier suit filed by the aggrieved shareholders.
The shareholders claimed in the suit that African Petroleum shares were manipulated.
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