By Dipo Olowookere
The request for a review of a judgment delivered on February 6, 2018 by Presiding Chairman of the Investments and Securities Tribunal (IST), Mr Nosa Osemwengie, has not been attended to, Business Post is reporting.
The tribunal sitting in Enugu is yet to review the ruling or attend to the motion of stay of execution filed by Union Registrars, one of the defendants in the case.
The IST had ordered Gosord Securities Limited, UIDC Securities Limited, Kapital Care Trust Securities Limited and Union Registrars Limited to pay N5 million fine for unlawfully selling shares belonging to an investor, Dr Okam Kalu, worth millions of Naira.
Union Registrars Limited, in suit M/N-IST/ LA/M/11/2018, had filed a motion of stay of execution and review of the judgment delivered by the tribunal on February 6 in suit number IST/EN/OA/02/14.
According to Union Registrar Limited, the 25,000 and 16,000 shares of Union Bank of Nigeria PLC with certificate numbers 24636825 and 24658326 respectively were sals, and therefore not shares in respect of which the claimant could make a claim in the course of giving its decision as attention of defendant came to it after the judgment.
In his ruling, Mr Nosa Osemwengie said that the 25,000 and 16,000 shares of Union Bank of Nigeria PLC with certificate numbers 24636825 and 24658326 respectively formed part of the claims of the Claimant in his originating application fi led on May 19, 2014. See page 1-2 of the judgment in this case delivered on February 6, 2018.
“The certificates in question are not new evidence as contemplated by Order 7, Rule 4 (d). Besides the 2nd defendant/judgment debtor had the opportunity to challenge these certificates either in its Witness Statement on Oath or Reply of Jan. 9, 2018.
“The tribunal, therefore, in its decision deemed the facts relating to the certificates number 24636825 and certificate number 24658326 as admitted. Therefore, this tribunal is not persuaded that this application falls within contemplation of order 7, Rule 4(1)(d).
“Moreover, the tribunal has concluded hearing in the originating application IST/ EN/OA/02/14 and delivered its judgment on Feb. 6, 2018. It has therefore become functus offi cio.
“To now begin to reopen the case for review is to usurp the duty of the Court of Appeal.”
Adedapo Adesanya