In a continuing saga that highlights the complexities and protracted nature of high-value corporate litigation in Nigeria, Justice Deinde Dipeolu of the Federal High Court, Lagos, has once again adjourned further hearing in the N6.3 billion shares suit filed by Ecobank Plc against Barbican Capital Limited.
The adjournment, which marks another pause in the keenly contested legal battle, is pending the determination of an appeal filed by one of the parties in the suit.
The suit, marked FHC/L/CS/638/2025, was initiated by Ecobank Plc through its counsel, Mr Kunle Ogunba (SAN).
The bank is seeking crucial reliefs against a formidable list of defendants, including Obafemi Otudeko, Barbican Capital Limited, Honeywell Flour Mills of Nigeria Plc, Siloam Global Services Limited, Oyeleye Foluke, First Bank of Nigeria (FBN) Holdings Plc., Corporate Affairs Commission (CAC), and the Nigerian Stock Exchange.
These entities are listed as the first to eighth defendants, respectively.
Central to Ecobank's application are interlocutory orders aimed at preserving the 'res' of the suit.
The bank seeks to restrain 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 Limited in FBN Holdings Plc, pending the final determination of the suit.
Furthermore, Ecobank is also pushing for an interlocutory order to prevent the defendants from converting shares of Honeywell Flour Mills Plc, which were allegedly pledged to Ecobank in furtherance of a credit facility, into cash or any negotiable instrument, also pending the suit's outcome.
The defendants, in response to Ecobank's suit, had previously filed preliminary objections vehemently challenging the court's jurisdiction to entertain the matter.
Their objections are predicated on two main grounds: the existence of a similar suit already pending before Justice Yellin Bogoro of the same court, and, crucially, a pending appeal on the matter before the Court of Appeal.
The defendants contend that these pre-existing legal proceedings effectively deprive Justice Dipeolu's court of the requisite jurisdiction to hear the current suit.
They had even sought the transfer of the case to the court's administrative judge, given the parallel suit before Justice Bogoro.
At the resumed hearing of the legal action, the courtroom was a full house of legal luminaries.
Mr Ogunba (SAN) announced his appearance for Ecobank Plc, the plaintiff/applicant.
Bode Olanipekun (SAN) led the legal team for the first respondent, while Professor Taiwo Osipitan (SAN) represented the second defendant.
Elijah Akefe appeared for the third defendant, and Dele Adeshina (SAN) led the team for the fourth and fifth defendants.
Additionally, Professor Fabian Ajiogbu (SAN) represented Stanbic IBTC Bank, a party sought to be joined in the suit, with Anuoluwapo Babalola appearing for the sixth respondent and Oluwatimileyin Awe for the eighth respondent, the Nigerian Stock Exchange.
In his address to the court, Mr Ogunba (SAN) informed Justice Dipeolu of a significant development affecting the 'res' since the last adjourned date.
He highlighted an application dated July 18, 2025, seeking, among other things, to join Stanbic IBTC as a party to the suit.
The basis for this application, Ogunba explained, was that Stanbic IBTC had allegedly received the proceeds from the sale of the shares which constitute the 'res' in the ongoing suit.
He further emphasised the urgent need for the court to issue an order preserving these funds and prayed the court to hear his application without delay.
However, counsel for the first, fourth, and fifth defendants, along with the counsel for Stanbic IBTC Bank (the party sought to be joined), informed the court that they had not been served with the affidavit of urgency filed by the plaintiff/applicant.
In response, Ecobank's counsel clarified that the affidavit of urgency was merely to notify the court of the need for urgent action to prevent the deterioration of the 'res,' describing it as an “innocuous” affidavit.
Despite this, due to the defendants' insistence on not being served, Ogunba applied to withdraw the said affidavit, and the court granted the request.
In his submission, Stanbic IBTC Bank's counsel sought time to respond to the applications served on them, a request the court acknowledged as their entitlement given their recent introduction to the matter.
Responding to Stanbic IBTC's counsel, Mr Ogunba orally prayed the court to preserve the funds, stating it was the “sole essence” of the suit.
Mr Olanipekun (SAN), referring to Relief “4” of the plaintiff’s application, argued that his client had not pledged any shares to Ecobank and undertook to “do the needful” if Ecobank could produce any document evidencing such a pledge.
In a sharp retort, Ecobank's counsel accused Olanipekun (SAN) of “speaking from both sides of the mouth,” asserting that if the first defendant's counsel was ready for the hearing of his application, Ecobank would furnish the requested documents during that hearing.
The turning point came when Mr Adesina (SAN) drew the court's attention to its previous ruling of June 16, 2025.
In that ruling, the court had explicitly held that no further applications would be taken in the instant suit pending the final determination of the appeal before the Court of Appeal.
Mr Adesina further stressed that the court should align with the course of justice by refraining from hearing Ecobank's application, as it was no longer seized with the requisite jurisdiction to do so.
Following several submissions from all counsels, Justice Dipeolu ultimately aligned with Mr Adesina (SAN)'s submission.
The judge ruled that, after the court's earlier decision of June 16, 2025, it could not hear any new application.
Consequently, Justice Dipeolu adjourned the matter once again, pending the final determination of the appeal at the Court of Appeal, leaving the N6.3 billion share dispute in a prolonged state of legal limbo.
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed, in whole or in part, without the express written consent of The News Accelerator Network.
For advertising inquiries, news coverage, or press releases, please get in touch with us at
📧 thenew
sacceleratornetwork@gmail.com
📞 0805 101 7159, 0814 404 8512.
Post a Comment