Lagos — A Federal High Court in Lagos will tomorrow determine the fate of business mogul, Alhaji Aliko Dangote as President of Nigerian Stock Exchange (NSE).

The court, presided by Justice Lambo Akanbi, yesterday adjourned till tomorrow to rule on the application by some aggrieved shareholders of African Petroleum Plc, who are seeking to set aside Dangote's election as NSE president.

The AP shareholders had sued Dangote, Nova Finance and Securities Limited, NSE and others over alleged massive manipulation of AP shares.

On August 4, 2009, Justice Mohammed Liman, ordered parties in the suit to maintain status quo pending the final determination of the suit.

But is clear contravention of the court order, the Nigerian Stock Exchange went ahead on August 6, with its scheduled election, at which Dangote was elected President of the Exchange.

Consequent upon this, the shareholders brought another application, through their counsel, Mr Onyebuchi Aneakor, praying the court to set aside Dangote's election.

Justice Liman after a ruling in which he fixed a date for the hearing of the said application to set aside the said Dangote's election, his counsel last month petitioned the trial judge, accusing him of bias, resulting in the matter being transferred to another judge.

Even at the resumed hearing of the matter before the new judge, Dangote's counsel, brought another application, seeking to stop the proceedings to set aside the election.

But same was argued on Monday and the trial judge, Justice Lambo Akanbi, in his ruling, yesterday dismissed same and insisted on hearing the application to set aside Dangote's election, which had earlier been ordered by the court.

Counsel to the shareholders, in arguing the application, contended that "the purported election of Dangote as President of NSE in the particular circumstances of this case is unlawful and amounts to a calculated attempt to undermine the judiciary".

According to him, "it is our respectful submission that this is a proper case for the invocation of this court's coercive powers in the protection of the dignity of its proceedings and the sanctity of our administration of justice system".

He further argued that "it's a settled law that after a defendant has been notified, as in the instant case, of the pendency of a suit seeking an injunction against him, even though a temporary injunction be not granted, he acts as his peril and subject to the power of the court to restore the status wholly, irrespective of the merits as may be ultimately decided by the court".

Further reminding the court that the defendants deliberately violated the order of the court, he argued "on the law, parties to proceedings pending in court ought not to do anything which may have the effect of rendering nugatory, the judgement of court", adding that since the defendants went ahead with the election, despite a clear court order to the contrary, the election should be set aside to restore the dignity of the court and the judicial system.

The defendants, however, prayed the court to refuse the application, while ruling was adjourned till tomorrow.