N22.4b Suit: Nospetco Investors Scale Hurdle at Supreme Court
For interested parties, the subsisting battle over the recovery of N22.4billion investment may be nearing completion if the cheery news from the court is anything to go by.
It was jubilation galore last Thursday, as members of the Nospetco Investment Forum were regaled with news that their counsel, Debo Adeleke, has finally scaled the legal representation hurdle that has been stalling their case at the Supreme Court.
Adeleke, speaking before a mammoth crowd of investors at his Ogudu, Lagos office, said the Supreme Court, sitting in Abuja on February 12 and presided over by Justice Bode Rhodes-Vivour, settled the three-year legal representation tussle between Messrs. Debo Adeleke and Roland Otaru SAN, ruling that the former legally represents 13,737 investors led by Prince Olorunnibe Matiluko, while Otaru only represents four investors, namely Comrade Kenny Rowland Badejo, Mrs. Victoria Omotunde George, Mr. George Ushie and Mr. John Igho.
He said the apex court also ruled that Otaru can no longer add to the number of investors he is representing.
Following that ruling, Adeleke told the investors that they can now look forward to the final settlement of the court proceedings and the release of their money totalling N22.4bn.
This, he said should be settled within the next two adjournments, starting with the next date in court on July 3.
Assuring investors of the safety of their money, Adeleke said: “The CBN lawyer himself has assured me that your money is safe and will be released to you once the Supreme Court concludes proceeding and rules in your favour. And to further reassure you, the CBN lawyer has never filed a counter motion.”
Contrary to speculations in some quarters, Adeleke however told the investors that “the money will not be coming with any kind of interests, as it has only been held in custody by the CBN.”
Also speaking, national president of the Nospetco Investors Forum, Prince Matiluko Olorunnibe congratulated the investors for the hurdle scaled, saying it is now a home-stretch to recovering their money.
He enjoined members to pay up their dues, saying only those with three receipts: Investment receipt, PWD (registrations) receipt and Supreme Court receipt will be given priority once the money is released.
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