Shareholders seek access to tribunal's judgment on alleged AP share scam
By Moses Ebosele
INDEPENDENT Shareholders Association of Nigeria (ISAN) has applied to the Investment and Securities Tribunal (IST), seeking access to its judgment, which nullified the sanctions imposed by the Securities and Exchange Commission (SEC) on Nova Securities Limited and its Managing Director, Mr. Eugene Anenih, for allegedly manipulating the share price of African Petroleum (AP) Plc.
National Coordinator of ISAN, Sunny Nwosu, who confirmed the development in Lagos yesterday, said he was however, not in a position to say if a copy of the judgment has been handed over to the association's lawyer or not.
Speaking further, Nwosu said though he would not be able to elaborate in his response because the case is in court, added that if made available, the judgment is expected to play a vital role in unraveling the true position of things as it affects alleged AP shares scam.
He also lamented that since the case was taken to court, it has suffered series of adjournments and setbacks.
SEC, through its Acting Director-General, Daisy Ekineh said recently that it had appealed the IST judgment, which absolved Nova Securities of any wrong doing in the alleged manipulation of Africa Petroleum (AP) shares.
Delivering judgment on September 9, IST said "having come to the conclusion that none of the appellants was afforded a fair hearing by the respondent (SEC), the Tribunal is left with no option than to set aside the findings and decisions of the respondent as they relate to the appellants."
The Tribunal ruled that from the totality of the evidence before it, there was no manipulation of AP Plc's share price by the appellants.
IST also ruled that the respondent did not hold any criminal trial or mete out criminal sanctions on the appellants.
It added that the appellants were not given a fair trial, as no adequate notice and opportunity was given the appellants to defend themselves before serious sanctions were imposed on them.
Nova was in April suspended from all capital market activities for one year, in accordance with the provisions of Section 38 (4) of the ISA 2007, following its alleged role in AP share price manipulation on the Nigeria Stock Exchange (NSE).
Also, Nova's Managing Director was disqualified from being employed in any arm of securities industry for a period of five years.
Also in April, SEC cleared Dangote and sanctioned Nova and its Managing Director for allegedly manipulating the share price of AP without the knowledge of Dangote.
Nova and Anenih were fined N5,000 per day for violating rule 177 and code of conduct of capital market operators for 38 days.
Anenih was also referred to the Economic and Financial Crime Commission (EFCC) for further investigation and possible prosecution under section 115 of the ISA 2007.
