Justice Lewis Allagoa of a Federal High Court sitting ìn Lagos has warned lawyers to desist from filing frivilous applications in the 14-year-old Nospecto investors funds case.
Justice Allagoa on Monday, February 14, berated the lawyers after dismissing a preliminary objection seeking a discontinuation of the suit in which 13,741 investors through their lawyer – Debo Adeleke – are in court over their N22.4billion investment kept with the Central Bank of Nigeria (CBN).
The judge observed that lawyers for some of the parties in the case had developed interest in filing “silly and frivolous applications” for the purpose of stalling the case of trapped investors’ funds instead of serving the interest of justice.
The judge cautioned that his court would not indulge such act, adding that he was interested in the quick dispensation of justice so all parties could know their fates.
Justice Allagoa further observed that from the records of proceedings, the same motions that were earlier raised at the high court, Court of Appeal and Supreme Court, heard and determined were brought back to the high court again for determination, thus prolonging the real matter from being heard.
“I think lawyers should work to the satisfaction of the interest of justice.
“The investors’ money is crying for collection and you busy yourselves filing silly applications, wearing wigs and gowns, riding in expensive cars, while the investors of the trapped funds are suffering and dying”, the judge lamented.
The Judge had earlier dismissed the preliminary application brought before it by the 3rd respondent in the suit, Nospetco Oil and Gas Limited from the chambers of Rickey Tafa, SAN, which had prayed for discontinuation of the suit.
The judge held that there was no reason for bringing such motion.
The Judge therefore awarded a cost of N100,000 against the 3rd defendant.
Justice Allagoa however granted an application seeking striking out of the names of Rowland Badejo, and three other investors, led by Chief Roland Otaru, SAN, who had earlier filed an application for discontinuance of the suit.
The Judge held that although they had the right of the choice of their legal representatives, they could not foist such right on other investors.
Adeleke, head of MCI-law chambers, commended the court for its appraisal of the matter, likening the ruling to the biblical King Solomon’s judgment of over 2,000 years ago, saying it would stand the test of time.
“The ruling is a further manifestation that the court is the last hope of the common man. Even though justice might seem to be delayed due to shenanigan attitude of some lawyers, at the end of the tunnel there would be light, meaning that justice would, one day be delivered.
“We thank God and his lordship for his erudite ruling in the matter. It is hope rising for the hapless and innocent investors who are dying at geometrical progression since inception of their case by our law firms”, he said.
Tracing the genesis of the case, Adeleke said the matter which commenced in 2008 traversed all the courts in the land, i.e. from the Industrial Court, Federal High Court, Court of Appeal and Supreme Court.
According to the lawyer, all the courts emphatically and collectively agreed, that the funds kept at the Central Bank of Nigeria, CBN, by Security Exchange Commission, (SEC) belongs to the Investors.
He said besides, all the courts equally agreed that Nospetco Oil and Gas Ltd operated ultra vires and outside its strait jacketed object clause.
Hence it was described as “a wonder bank”, a euphemism of saying it was operating illegally.
Consequently, SEC statutorily confiscated the money from Nospetco Oil and Gas Ltd and kept same for and on behalf of the Investors.
It could be recalled that the Supreme Court in its judgment stated copiously and emphatically that the money kept with the CBN belongs to the Investors and the Investors should collect their funds from the CBN by taking their grievances to the appropriate quarters or court.
Adeleke said that the CBN Suo-moto (on its own) advertised in two National Dailies, The Guardian (12/02/2008) and Vanguard Newspapers (13/02/2008) for the investors to come and collect their money.
He said but none of the investors has been able to collect his or her money from the CBN hence the MCI-Law chambers was approached by 13,741 investors and their total investment currently with the CBN is N22,434,771,466.84.
Adeleke further said that continue holding of investors money is uncalled- for and insensitive to the plight of the Investors who are dying at geometrical progression while others are living in abject poverty and daily going through the agony of slow death.
The 14 years old legal battle began in 2008 when the Security and Exchange Commission (SEC), declared a scheme founded by Nospetco Oil And Gas Limited illegal.
Nospetco was registered solely for the importation, sale and distribution of petroleum products and cooking gas.
The firm started a collective investment scheme between 2004 and 2005 and encouraged thousands to invest N450, 000 per slot, with a promise of a monthly N40, 000 return on investment on each slot.
Shortly after the respondents had invested in the firm, SEC, in 2007, stopped the firm’s operations, describing it as illegal.
The regulatory agency also froze its various bank accounts and deposited the money with the CBN on behalf of the investors.
But the apex court dismissed Nospetco Oil & Gas claims, declaring that the money actually belongs to the Investors.
Justice Allagoa has fixed further hearing ìn the matter for March 30.