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Oil firm investors seek speedy hearing at Supreme Court

By Yetunde Ayobami Ojo   |   07 March 2017   |   3:11 am

Itse Sagay

Over 13,000 investors of the Nospecto Oil and Gas Limited, have called for a speedy hearing of their suit at the Supreme Court.Speaking under the umbrella of Nospecto Investors Forum, the group called on the Acting President of Nigeria, Prof. Yemi Osinbajo, the Chief Justice of Nigeria (CJN), Walter Onnoghen, and the Presidential Advisory Committee against Corruption headed by Prof Itse Sagay (SAN) to direct Supreme Court to hear their matter expeditiously.

The investors said their case has been pending in the Supreme Court since 2012. They added that some of their members have died due to lack of finance to take care of their health.

In 2008, the Securities and Exchange Commission (SEC) had secured two Investment and Securities Tribunal (IST) judgments against the ‘Wonder Bank’, for ‘operating illegally and for engaging in collective financial scheme without SEC approval.

Following the development, the 13, 741 investors filed a matter before the tribunal in 2010 against the company through their counsel, Mr. Debo Adeleke, with the aim of securing the release of their fund with Central Bank of Nigeria which had been confiscated from Nospecto Oil and Gas by SEC on behalf of the investors.

The matter, which took eight months to be decided by the tribunal went in favour of the investors, prompting the company to file appeal at the Court of Appeal. It took Court of Appeal just four months to also rule in favour of the investors.

In their letter dated January 23, 2017 and signed by the National President, Nospecto Investor Forum, Prince Emmanuel Olorunnibe Matiluko, the investors are lamenting that since the company appealed the judgment of the Court of Appeal before the Supreme Court in 2012, the apex court is yet to hear the matter and gives its verdict.




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