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Court stops BPE NERC on sale of Jos Discos shares - Courtroom stops BPE, NERC on sale of Jos Disco's shares

Courtroom stops BPE, NERC on sale of Jos Disco’s shares

From Eric Ikhilae, Abuja

 

A Federal Excessive Courtroom in Abuja has restrained the Bureau of Public Enterprises (BPE), the Nigerian Electrical energy Regulatory Fee (NERC), Scams Vitality Restricted and 4 others from taking any additional steps regarding the alleged plan to promote some shares of the Jos Electrical energy Distribution Firm (JEDC).

Additionally affected by the courtroom’s order are Aura Vitality Restricted, Highland Dsco Acquisition Restricted, JEDC and Sushi Vitality Restricted.

They’re defendants in a go well with marked: FHC/ABJ/CS/729/2020 by two aggrieved stakeholders in JEDC – MBS Service provider Restricted and Masanawa Enterprises Co. Ltd – by their lawyer, Mahmud Magaji (SAN).

Justice Taiwo Taiwo, in an ex-parte ruling, agreed with Magaji that the curiosity of his purchasers can be jeopardised ought to the deliberate sale of 50 per cent of Aura Vitality in JEDC to Highland Disco be effected earlier than the dedication of the substantive go well with.

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Justice Taiwo additional granted an order of interim injunction “restraining the defendants/respondents collectively and severally both by themselves or their brokers, assigns and privies in no matter identify so referred to as from promoting, leasing or transferring the 50 per cent shares of Aura Vitality Restricted in Jos Electrical energy Distribution Firm to Higland Disco Acquisition Restricted or every other entity pending the dedication of the movement on discover.”

The choose granted an order of interim injunction “restraining the defendants/respondents collectively and severally both by themselves or their brokers, assigns and privies in no matter identify so referred to as from taking any steps culminating within the sale, lease of transferring the 50 per cent shares of Aura Vitality Restricted in Jos Electrical energy Distribution Firm to Highland Disco Acquisition Restricted or every other entity pending the dedication of the movement on discover.”

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Justice Taiwo additional mentioned: “An order of interim injunction is hereby made restraining the fifth defendant/respondent (BPE), its brokers, assigns and privies in no matter identify so referred to as from giving its consent to the 2nd defendant/respondent (Aura Vitality) with respect to promoting, leasing or transferring the 50% shares of Aura Vitality Restricted in Jos Electrical energy Distribution Firm to Highland Disco Acquisition Restricted or every other entity pending the dedication of the movement on discover.

“An order of interim injunction is hereby made restraining the sixth defendant/respondent (NERC), its brokers, assigns and privies in no matter identify so referred to as from giving its consent/approval to the 2nd defendant/respondent with respect to promoting, leasing or transferring the 50% shares of Aura Vitality Restricted in Jos Electrical energy Distribution Firm to Highland Disco Acquisition Restricted or every other entity pending the dedication of the moon on discover.”

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Justice Taiwo ordered the plaintiffs to place all of the defendants on discover in regards to the orders of injunction granted by the courtroom.

He additional ordered the plaintiffs to make sure that all of the defendants are served with all of the processes, together with the writ of summons and the assertion of declare.

The choose adjourned until a later date for additional proceedings within the case.

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