Court stops proposed sale of Jos Disco’s shares

0
22
Court stops proposed sale of Jos Disco’s shares
Court stops proposed sale of Jos Disco’s shares

A Federal High Court in Abuja has prevented the Bureau of Public Enterprises (BPE), the Nigerian Electricity Regulatory Commission (NERC), Scams Energy Limited and four others from taking any further steps in relation to the Jos Electricity Distribution Company (JEDC) alleged plan to sell some of its shares.

Aura Energy Limited, Highland Dsco Acquisition Limited, JEDC and Sushi Energy Limited are also affected by the court’s order, all of whom are listed as defendants in a suit marked: FHC / ABJ / CS/729/2020 by two grieved JEDC stakeholders – MBS Merchant Limited and Masanawa Enterprises Co. Ltd-by Mahmud Magaji (SAN), their counsel.

Also read: BREAKING: Reps order arrest of Pondei, NDDC chief

Justice Taiwo Tawo, in an ex-party decision, agreed with Magaji that his clients’ interest would be jeopardized if the proposed sale of 50% of Aura Energy in JEDC to Highland Disco was rendered before the substantive claim was decided.

Justice Taiwo further granted an order of interim injunction “restraining the defendants/respondents jointly and severally either by themselves or their agents, assigns and privies in whatever name so called from selling, leasing or transferring the 50% shares of Aura Energy Limited in Jos Electricity Distribution Company to Higland Disco Acquisition Limited or any other entity pending the determination of the motion on notice.”

Also Read:  Rivers State: soldiers beat police to death

The judge equally granted an order of interim injunction “restraining the defendants/respondents jointly and severally either by themselves or their agents, assigns and privies in whatever name so called from taking any steps culminating in the sale, lease of transferring the 50% shares of Aura Energy Limited in Jos Electricity Distribution Company to Highland Disco Acquisition Limited or any other entity pending the determination of the motion on notice.”

Justice Taiwo further said: “An order of interim injunction is hereby made restraining the 5th defendant/respondent (BPE), its agents, assigns and privies in whatever name so called from giving its consent to the 2nd defendant/respondent (Aura Energy) with respect to selling, leasing or transferring the 50% shares of Aura Energy Limited in Jos Electricity Distribution Company to Highland Disco Acquisition Limited or any other entity pending the determination of the motion on notice.

Also Read:  Nigerians reacts as Pastor Ize-Iyamu dressed as Imam

“An order of interim injunction is hereby made restraining the 6th defendant/respondent (NERC), its agents, assigns and privies in whatever name so called from giving its consent/approval to the 2nd defendant/respondent with respect to selling, leasing or transferring the 50% shares of Aura Energy Limited in Jos Electricity Distribution Company to Highland Disco Acquisition Limited or any other entity pending the determination of the moon on notice.”
Justice Taiwo ordered the plaintiffs to put all the defendants on notice about the orders of injunction granted by the court.

He further ordered the plaintiffs to ensure that all the defendants are served with all the processes, including the writ of summons and the statement of claim

The Judge then adjourned for further proceedings in the case until a later date.

LEAVE A REPLY

Please enter your comment!
Please enter your name here