A Federal High Court, Lagos has dismissed the suit filed by the Industrial and General Insurance Plc against the Economic and Financial Crimes Commission and seven others, seeking to stop the anti-graft agency from investigating alleged N141 million private share allotment fraud involving the firm.
The firm, therefore, prayed the court for order of perpetual injunction, restraining the 1st to 3rd defendants and any other officer of the EFCC from further inviting, harassing, summoning or demanding from it or any of its directors any document, assets, monies and any information relating to the private placement of its shares to the 4th to 8th defendants.
“In contrast, to the defendants, the placement of the shares and the subscriptions by the 4th to 8th defendants were conditional to the shares being listed on the floor of the Stock Exchange, which the plaintiff refused or failed to do. In dismissing the plaintiff’s prayers, Justice Ringim held that he does not see the infringement or the threat to infringe on its fundamental rights beyond being invited by the 1st to 3rd defendants such as to conclude investigation to which progress was being made. “In the light of the above, this application fails and same shall accordingly be dismissed with no order as to cost,” he held.
The firm, however, stated that it was still planning to enlist at the NSE, adding that but for the NSE amended listing rule that requires companies seeking to list their shares to have made profits in the preceding three years, it would have done so. “It turned out that IGI, rather than list the shares, diverted the funds gathered from our client and other unsuspecting members of the public to purchase properties in Lagos and several locations across Nigeria and Africa.
The first share scam that year.
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