The controversial suspension of two directors of Stanbic IBTC by the Financial Reporting Council (FRCN) took another turn yesterday as the Federal High Court in Lagos yesterday restrained the FRCN a from obstructing the operations of Stanbic IBTC Holdings Plc.
According to the Nation Newspaper, Justice Ibrahim Buba granted an order of interlocutory injunction restraining it or its officers
“from interfering with, or otherwise impeding, obstructing, molesting or hindering” the plaintiffs’s operations.
The judge barred FRC from preventing the plaintiff or its subsidiaries “from carrying on their lawful businesses.”
Justice Buba also restrained the Council from inviting the entire Stanbic IBTC Holdings’ board of directors to any meeting in connection with the defendant’s statutory investigation of the plaintiff’s statements.
The orders, the judge said, will subsist “until the hearing and determination of these proceedings.”
The report however does not confirm if the suspension placed on the CEO and Chairman of the company should be overturned pending the determination by the court.
This order also follows a letter from the CBN informing FRCN that they over stepped their boundaries on the issue. The FRCN has come under criticism of late for their high handedness in carrying out their responsibilities.