A Federal High Court sitting in Lagos, has adjourned till April 15, 2025, to hear the suit by Eco Bank Plc against Otudeko Adedamola, son to Oba Otudeko, and eight others, over 6, 314, 116,229 billion shares in Barbican Capital Limited.
Trial judge, Justice Deinde Dipeolu fixed the date after taken a motion ex-parte filed seeking to restrain Otudeko and others from taking any steps to amortize, dematerialize, compromise, sell, transfer or deal with the 6, 314, 116,229 billion shares.
The motion Exparte marked FHC/L/CS/638/2025, was filed by Mr. Kunle Ogunba, SAN, lawyer to the Eco Bank Plc.
Other defendants in the suit alongside Otudeko’s son are: Barbican Capital Limited; Honeywell Flourmills of Nigeria Plc; Siloam Global Services Limited; Oyeleye Foluke, FBN Holding Plc; Corporate Affairs Commission, CAC, and Nigerian Stock Exchange, listed as first to third and 5h to 9th defendants.
In the suit, Eco Bank Plc through its lawyer, Ogunba prayed the court for the following reliefs; “an interlocutory order restraining Otudeko Obafemi Adedamola and eight others, either collectively or individually from taking any steps to amortize, dematerialize, compromise, sell, transfer or other deal with the 6, 314, 116,229 billion collective aggregate shares of a company, Barbican Capital Limited in the FBN Holdings Plc, pending the hearing and final determination of the suit filed by Eco Bank Nigeria Limited.
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“An interlocutory order restraining all the defendants from taking any steps to amortize, dematerialize, compromise, sell, transfer or otherwise turn to cash or any negotiable instrument of any sort the already dematerialized shares of Honeywell Flourmills of Nigeria Plc, pledged to the Eco Bank Plc, in furtherance of the credit facility availed to the Honeywell Flourmills of Nigeria Plc, to purchase the said shares pending the hearing and final determination of the suit.”
The Eco Banks lawyer also told the court that the motion which is pursuant order 26(5)(1); 6(1) of the Federal High Court (Civil Procedure Rules) 2019; section 36 of the 1999 constitution Federal Republic of Nigeria and under the court’s inherent jurisdiction.
He added that the motion is supported with an affidavit of 38 paragraphs deposed to by Jafaru Kupa, a financial Officer in the employment of the Eco Bank Plc. And attached with a written address and some documentary exhibits.
However, Justice Dipeolu after listening to the lawyer’s submission, directed the plaintiff to serve the motion for injunction on all the defendants for them to show cause why same should not be granted.
Consequently, Justice Dipeolu adjourned the matter to April 15, 2025 for hearing of the motion on notice in the suit.
