A Federal High Court in in Lagos, on Monday, held that it would await the decision of the Court of Appeal in a suit by Ecobank 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 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.
The News Agency of Nigeria (NAN) reports that 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 the 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.
