Lagos: A Federal High Court in Lagos has announced its decision to await the outcome of the Court of Appeal in a legal battle initiated by Ecobank concerning the alleged sale of 6.3 billion shares in Barbican Capital Ltd.
According to News Agency of Nigeria, Ecobank filed the lawsuit against Obafemi Otudeko, Barbican Capital Ltd., and Honeywell Flour Mills of Nigeria Plc as the primary defendants. The suit also names Siloam Global Services Ltd., Oyeleye Foluke, First Bank of Nigeria (FBN) Holdings Plc., Corporate Affairs Commission (CAC), and the Nigerian Stock Exchange as defendants, bringing the total number of defendants to eight.
The bank, represented by Mr. Kunle Ogunba (SAN), is seeking an interlocutory order to prevent the defendants from selling, transferring, or otherwise handling the N6.3 billion worth of shares of Barbican Capital Ltd. in FBN Holdings Plc. This request aims to maintain the status quo pending the suit's resolution. Additionally, Ecobank seeks to restrain the defendants from converting Honeywell Flour Mills Plc shares, pledged as part of a credit facility, into cash or any negotiable instrument until the case is determined.
The defendants have challenged the court's jurisdiction, arguing that a similar case is pending before Justice Yellin Bogoro. They also pointed out that an appeal is currently before the Court of Appeal, which they claim strips the lower court of jurisdiction over the matter.
Justice Dipeolu ruled that further proceedings would not continue until the appellate court's decision is made, citing legal precedents that prevent lower courts from acting once an appeal has been filed. The case has been adjourned to December 1 for mention.
Ecobank's suit, marked FHC/L/CS/638/2025, is supported by a 38-paragraph affidavit from Jafaru Kupa, a Financial Officer at Ecobank. At the previous hearing, several senior advocates appeared for the defendants, with some appearing under protest due to claims of improper service of originating processes.