A Federal High Courtin in Lagos, on Monday, held that it would await the decision of the Court of Appeal in a suit  by Ecobank challenging  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 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 determination of the suit.

The defendants had, however, filed preliminary objections challenging the court’s jurisdiction to entertain the suit.

They filed the objections on the grounds that a similar suit was pending before Justice Yellin Bogoro.

The defendants also raised objections on the grounds that there was  a pending appeal on the matter before the Court of Appeal.

They said that the pending suit and appeal deprived the court of the jurisdiction to entertain the suit.

The defence had sought transfer of the case to the court’s administration judge since a similar suit was  before 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 Attorney-General of Anambra State.

He said that parties in the suit had already informed the court of the existence of a similar  suit before Bogoro, adding that the   issue had been resolved.

He said that the court would not act on any application before it 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 pursuant to Order 26 Rules 5(1) and 6(1) of the Federal High Court (Civil Procedure Rules) 2019, and Section 36 of the 1999 Constitution.

The suit is supported by a 38-paragraph affidavit deposed to by one Mr Jafaru Kupa, a Financial Officer at Ecobank.

At the last adjourned date, Mr Bode Olanipekun (SAN), Mr Ade Adedeji (SAN), and Mr Taiwo Osipitan (SAN) appeared for the first, second and third defendants, respectively.

Mr Ademola Adesina appeared under protest for the fourth and fifth defendants, while Ms Abiola Ogundare and Mr Luqman Salman represented the sixth and seventh defendants.

Explaining his appearance under protest, Adesina said that fourth and fifth defendants had not been personally served with the originating processes.

He claimed that the defendants  only became aware of the suit through media reports.  (NAN)

An Area Court in Jos on Monday, sentenced to friends, Michael Auta and Gabriel Sunday to 12 months imprisonment each for  stealing  clothes  valued at N488,000.

The judge, Mrs Shawomi Bokkos, sentenced the convicts after they pleaded guilty to the offence.

The judge however gave the convicts an option of fine of N50, 000 each.

She also ordered that they both pay compensation of N200, 000 each to the complainant or risk another 12 months in jail for default.

Earlier, the Police Prosecutor, Insp Daniel Damulak, told the court that the case was reported at the B division police station, on April 17, by the complainant, one Ms Gift Ernest.

Damulak said the complainant told the police that the accused persons trespassed into her shop and stole clothes valued at N488, 000.

He said that during police investigation, the accused persons confessed to have committed the offence.

The prosecutor said that the offence contravened the Plateau State Penal Code law of Northern Nigeria of 2017. (NAN)

Three men, Olufemi Faleti, 59, Ayoade Adewale 41 and Idowu Yusuf, 41, on Friday, were brought before an Iyaganku Magistrates’ Court Ibadan charged with breaking into a bank and stealing laptops.

The defendants,whose addresses were not provided, were charged with conspiracy, house breaking and stealing, to which they pleaded not guilty.

The Prosecutor, Insp Elisha Tellang told the court that the defendants allegedly committed the offences on March 24, at 7:30 p.

m, at First Bank, Asogo, Oyo.

He alleged that the defendants broke into the bank and stole two laptops worth N800, 000.

Tellang said the offences contravened Sections 516, 413 and 390(9) of the Criminal Code, Laws of Oyo State, 2000.

The Magistrate, Mrs Moyosore Atanda granted each defendant bail in the sum of N300,000 and with two sureties each in like sum.

She adjourned the case until Sept. 8, for hearing. (NAN)