A Federal High Court in Lagos, on Monday, halted further proceedings in a suit filed by Ecobank Nigeria over the alleged unlawful sale of N6.3bn shares held by Barbican Capital Ltd., pending the outcome of an appeal at the Court of Appeal.
Ecobank, through its counsel, Mr Kunle Ogunba (SAN), instituted the suit against Obafemi Otudeko, Barbican Capital Ltd., and Honeywell Flour Mills Plc, who are listed as the first, second, and third defendants, respectively.
Other defendants in the case include Siloam Global Services Ltd., Oyeleye Foluke, FBN Holdings Plc, the Corporate Affairs Commission and the Nigerian Stock Exchange, named as the fourth to eighth defendants.
The bank is seeking interim orders to restrain the defendants from selling, transferring, or otherwise dealing with the disputed N6.3bn shares held by Barbican Capital Ltd. in FBN Holdings Plc.
It is also seeking to prevent the conversion of shares in Honeywell Flour Mills Plc, which had been pledged to the bank as collateral, into cash or any negotiable instrument, pending the final determination of the suit.
However, the defendants filed preliminary objections challenging the court’s jurisdiction.
They argued that a similar case was already pending before Justice Yellim Bogoro of the same court and that an appeal in the matter was also before the Court of Appeal.
Consequently, they asked for the case to be transferred to the court’s administrative judge.
In his ruling, Justice Dehinde Dipeolu held that the court could not proceed with the matter while it was under appeal.
“It will amount to judicial recklessness for the court to proceed,” the judge said, citing the legal precedent set in Okafor v. Attorney-General of Anambra State.
He said parties in the suit had already informed the court of the existence of a similar suit before Justice Bogoro, adding that the issue had been resolved.
He therefore ruled that the court would take no further action until the Court of Appeal delivered its decision, and adjourned the matter to December 1, 2025, for mention.
Ecobank brought its suit marked FHC/L/CS/638/2025 under Order 26 Rules 5(1) and 6(1) of the Federal High Court (Civil Procedure Rules) 2019, and Section 36 of the 1999 Constitution.
The suit is supported by a 38-paragraph affidavit deposed to by one Mr Jafaru Kupa, a Financial Officer at Ecobank.
At the last adjourned date, Mr Bode Olanipekun (SAN), Mr Ade Adedeji (SAN), and Mr Taiwo Osipitan (SAN) appeared for the first, second and third defendants, respectively.
Mr Ademola Adesina appeared under protest for the fourth and fifth defendants, while Ms Abiola Ogundare and Mr Luqman Salman represented the sixth and seventh defendants.
Explaining his appearance under protest, Adesina said the fourth and fifth defendants had not been personally served with the originating processes.
He claimed that the defendants only became aware of the suit through media reports
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