Reports in the news media suggest The Federal High Court in Lagos has instructed the Security and Exchange Commission and the Investments and Securities Tribunal (IST) to stay action on the suspension of the Management and Board of BGL. The court according to the report said that the IST and SEC should therefore restore the control of affairs of the company to its Boards thus nullifying the interim board earlier imposed on BGL by the SEC.
The report also says the order was granted on the 30th of April 2015 and a hearing has now been adjourned to May 25th 2015 where the motion will be heard.
SEC had earlier in April suspended the Management of BGL and installed an interim managment.
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