C’Market malpractices: BGL’s case goes to new judge

The Chief Judge of the Federal High Court, Justice Ibrahim Auta, has recalled the case file of BGL Group from Justice Mohammed Yunusa, to whom it was assigned as a vacation judge.

The development prevented Justice Yunusa from delivering a ruling in the case, which had been scheduled for Tuesday.

The suit was filed by BGL Group to challenge its expulsion from the Nigerian capital market by the Securities and Exchange Commission.

The SEC had announced the expulsion of BGL from the Nigerian capital market after receiving over 40 petitions from aggrieved investors who claimed to have been defrauded by the company.

BGL’s Group Managing Director, Albert Okumagba, was also banned from operating as a Registered Sponsored Individual with SEC.

The case, which had travelled from Justice Saliu Saidu to Justice Mohammed Idris and then Justice Yunusa, may now be re-assigned to another judge, who will hear and determine it.

Already SEC had, in a petition to the National Judicial Council, accused Justice Saidu of breaching the Code of Conduct for Judicial Officers, when he restrained BGL’s expulsion from the capital market.

However, Justice Yunusa, who heard the case as a vacation judge, last week Thursday vacated Justice Saidu’s restraining order preventing BGL’s expulsion.

Yunusa, in his ruling, had said he was convinced that BGL obtained the order from Justice Saidu by concealing material facts.

The judge also turned down BGL’s prayer to stay proceedings in the case pending the outcome of the petition against Justice Saidu.

He had subsequently adjourned till Tuesday to deliver a third ruling.

But at the Tuesday’s proceedings, Yunusa told the parties that he would not be able to deliver the ruling as he no longer had jurisdiction, since the Chief Judge had withdrawn it.