Court restrains FRC

The Federal High Court sitting in Lagos has restrained the Financial Reporting Council of Nigeria (FRCN) from interfering with the operations of Stanbic IBTC Holdings (SIBTCH), Plc.
The court order came two days after the Central Bank of Nigeria (CBN) rejected the request by FRCN that it should take disciplinary action against the company, citing the council’s failure to follow due process in the matter.
Ruling on the application for an order of interlocutory injunction filed by the bank, Justice Ibrahim Buba also restrained the council and its officers from preventing the plaintiff or its subsidiaries “from carrying on their lawful businesses”.
He 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, would subsist “until the hearing and determination of these proceedings”.