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The Investments and Securities Tribunal sitting in Enugu has refused to review and stay of execution of the judgment on case of share sales between Dr Okam Kalu versus Union Registrars and four others.
It would be recalled that one of the defendants, 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 Feb. 6 in suit number IST/EN/OA/02/14.
Union Registrar Limited in its motion claimed that the 25,000 and 16,000 shares of Union Bank of Nigeria PLC with certificate numbers 24636825 and 24658326 respectively were sales, 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.
Delivering its judgment, the Presiding Chairman, Hon. 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 filed on May 19, 2014. See page 1-2 of the judgment in this case delivered on Feb. 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 officio. To now begin to reopen the case for review is to usurp the duty of the Court of Appeal,’’ Osemwengie, who is leading a four-man panel, said.
According to him, having resolved that no grounds exist for the tribunal to very its decision of Feb. 6; this issue has therefore become academic.
“The 2nd defendant/judgment has not filed any Notice of Appeal to challenge the decision of this tribunal.
“There is therefore no basis for the tribunal to stay execution of the judgment,’’ he said.
The other members of the panel are: Dr Ahmed Abubakar, Mr Albert Otesile and Mr Kasumi Kurfi.
