This Day (Lagos)

Nigeria: Share Transfer: Supreme Court Strikes Out Agip's Appeal

Lagos — The Supreme Court has struck out to an appeal filed by Agip (Nigeria) Plc asking the apex court to reverse the selling of 60 percent shares of Agip Petroli International in Agip (Nigeria) to Unipetrol Nigeria Plc on the Lagos floor of the Nigeria Stock Exchange (NSE).

The apex court in an unanimous ruling in Abuja Monday by the Chief Justice of the Federation, Justice Mohammed Uwais and four other Justices of the court struck out the appeal on the ground that Supreme Court lacks the competence to hear the suit.

Justice Uwais with Justices Samson Uwaifo, Akintola Ejiwunmi, Umaru Kalgo and Katsina Alla also turned down Agip (Nigeria) request for an order of reversal of the decisions and resolution of the board of Agip in Rome, Italy on August 22, 2002, which included the appointment of Major-General Magoro, the Chairman of Unipetrol, as the Chairman of Agip and the appointment of five directors of Unipetrol as directors in Agip.

The panel which struck out the appeal as incompetent held that in Court has no power to reverse a transaction which has been consumated.

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