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Investors want Supreme Court to review adjournment on case with Oil & Gas company





NAN-H-7
Investors
Katsina, June 18, 2015 (NAN) Some people who invested in Nospetco Oil and Gas Ltd. have appealed to the Supreme Court to review the adjournment of their case with the company.

The News Agency of Nigeria (NAN) recalls that the investors, majority of whom are retirees, had invested their money in the company with the aim of making profit.

However, the investors said they had not benefited from the company, as it was letter sealed off by the Central Bank of Nigeria (CBN) for lack of license to operate as a financial institution.

The spokesman of the investors, Malam Danladi Idris, told NAN on Thursday in Katsina that a lower court had earlier passed judgment in favour of the investors that the company should refund them.

Idris said that the court ordered that a committee be set up to settle the investors, but the company refused and appealed the judgment.

He said that the appellate court upheld the judgment of the lower court and ordered that the company should pay back the investors’ capital.

The spokesman said that the management of the company took the matter to Supreme Court.

According to him, the court sat three times on the case after which it re-adjourned the matter to January 2016.

He explained that the seven-month adjournment was too long as some of the investors had died, while others were on sick bed as a result of the issue.

‘’Both the investors and their families are suffering, some of them have died and their families are waiting for their money to keep body and soul together.

‘’The seven-month adjournment is too long considering the situation on the ground. I urge the Chief Judge of the Federation to intervene in the case so that the money could be refunded quickly,’’ he said.(NAN)

I understand that the Appeal Court has just adjourned the case to January 2016.

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