The Investments and Securities Tribunal (IST) has commenced sitting in Port Harcourt Zone to bring quick adjudication to investments and securities matters.
In the inaugural sitting, the suit between Mr Opekere Bobo-Jama versus PAC Securities Ltd and Securities and Exchange Commission (SEC) was heard.
The applicant, Bobo-Jama had sought for an order restoring his shares and that of his father, late Dr Bobo-Jama or alternatively for the payment of N24 million by the 1st and 2nd respondents to the applicant.
He said the money was the value of his stock and that of his late father as at Feb. 26, 2014 when they were sold.
He also sought for an order restoring all bonus shares and dividends from 2014 till date; interest at the rate of 10 per cent of the judgment sum from the date of the judgment until final liquidation and directing the 2nd respondent to settle the above claims of the applicant from Investors Protection Fund.
The IST seven-man panel led by its Chairman, Mr Siaka Idoko-Akoh, granted the prayers of extending the time within which the 1st respondents, PAC Securities Ltd., may file their memorandum of appearance and reply to the originating application.
Idoko-Akoh also granted the second prayer of the 1st respondent of an order deeming the already filed and served processes okay.
The chairman later adjourned the case until Nov. 14, 2018 for further hearing on the matter to enable the applicant (Bobo-Jama) appear to adopt his witness statement.
The panel consists of Mr Nosa Osemwengie; Dr Abubakar Ahmed; Mr Albert Otesile; Mr Onyemachi Elujekor, Mr Kasumi Kurfi and Mr Mamman