Lagos: On Monday, a Federal High Court in Lagos held that it would await the Court of Appeal’s decision in Ecobank’s suit challenging the alleged sale of 6.3 billion shares in Barbican Capital Ltd.
Ecobank had filed the suit against Obafemi Otudeko, Barbican Capital Ltd., and Honeywell Flour Mills of Nig. Plc. as the first, second and third defendants, respectively.
Also joined as defendants are Siloam Global Services Ltd., Oyeleye Foluke, First Bank of Nigeria (FBN) Holdings Plc., Corporate Affairs Commission (CAC), and the Nigerian Stock Exchange as the fourth, fifth, sixth, seventh and eighth defendants, respectively
The plaintiff, through its counsel, Mr Kunle Ogunba (SAN), is seeking, among other things, an interlocutory order restraining the defendants, collectively or individually, from taking any steps to sell, transfer, or otherwise deal with the N6.3 billion aggregate shares of Barbican Capital Ltd. in FBN Holdings Plc pending the determination of the suit.
The bank is also seeking an interlocutory order to restrain the defendants from converting the shares of Honeywell Flour Mills Plc. pledged to Ecobank in furtherance of a credit facility into cash or any negotiable instrument pending the determination of the suit.
The defendants had, however, filed preliminary objections challenging the court’s jurisdiction to entertain the suit.
They filed the objections because a similar suit was pending before Justice Yellin Bogoro.
The defendants also raised objections because the matter was pending appeal before the Court of Appeal.
They said the pending suit and appeal deprived the court of the jurisdiction to entertain the suit.
The defence had sought to transfer the case to the court’s administration judge since a similar suit was before the Justice.
In a ruling on Monday, Dipeolu held that the court would not entertain applications in a suit pending before an appellate court.
“It will amount to judicial recklessness for the court to proceed,” he held.
He held that it was trite law that once an appeal was entered and the court was notified, the lower court would be stripped of its jurisdiction.
He cited the case of Okafor versus the Attorney-General of Anambra State.
He said that the parties in the suit had already informed the court of the existence of a similar suit before Bogoro and added that the issue had been resolved.
He said the court would not act on any application pending the court of appeal’s decision.
Dipeolu adjourned the case until Dec. 1 for mention.
Ecobank brought its suit marked FHC/L/CS/638/2025 under Order 26 Rules 5(1) and 6(1) of the Federal High Court (Civil Procedure Rules) 2019 and Section 36 of the 1999 Constitution.