A Federal High Court sitting in Lagos has ordered the immediate freezing of all Bastanchury Power Solutions Accounts, in all commercial Banks in Nigeria. The court also ordered the compulsory scheduling of the Annual General Meeting (AGM) of Bastanchury Power Solutions Nigeria Limited, in compliance with the provisions of the Company and Allied Matters Act, 2020 (as amended) within days of the order.

The court presided over by Hon. Justice Kehinde Ogundare, ordered that the AGM must be held within 14 days, from the date the Order of Court is made. Apart from compelling the company to hold the compulsory AGM and audit the first and second Defendant’s accounts, Justice Ogundare also made an order compelling the Deputy Chief Registrar (DCR) of the Court, to appoint an external and independent auditor to audit the company’s accounting books and the operations of its Funds Manager, African Plus Partners Nigeria Limited.

The Judge further made an order of injunction restraining the Defendants, their agents, privies, representatives or the like from unilaterally dealing with the assets, shares, funds or any of the first Defendant’s assets, shares, funds or chose in action; in any manner whatsoever with all commercial Banks including the following to wit: Guaranty Trust Bank Plc, Access Bank Plc, Citibank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Polaris Bank Limited, Providus Bank, Stanbic IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, Suntrust Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc, on any accounts whatsoever maintained by the Bastanchury Power Solutions Nigeria Limited, with the said commercial banks until the final audit report on the accounting books and operations of the company is presented to the Deputy Chief Registrar of this Honourable Court.

Culled From DNLLegal