The arraignment of AFEX Commodities Exchange and some of its principal officers before the Federal High Court in Lagos over alleged contempt failed yesterday as the alleged contemnors challenged the court’s jurisdiction.
Justice Chukwujekwu Aneke on May 31 granted a motion ex-parte in suit FHC/L/CS/911/2024 citing AFEX and its principal officers for contempt of court.
It followed their alleged disobedience of an order authorising Guaranty Trust Bank to take over the funds and assets belonging to AFEX following its inability to pay alleged N17,808,452,467.107 loan facilities granted by the bank.
Ade Adedeji (SAN) appeared for the plaintiff yesterday, while Prof. Wale Olawoyin (SAN) led a team of lawyers for the defendants.
Olawoyin informed the court that a Notice of Preliminary Objection challenging the court’s jurisdiction, dated May 27, had been served on the plaintiff, and urged the court to give it priority given the jurisdictional issues raised.
He said the defendants filed an Affidavit of Fact on the whereabouts of AFEX directors and why they were not in court.
But, Adedeji argued that contempt proceedings are quasi-criminal, hence all the alleged contemnors must be present and cannot be heard through their lawyer.
The defendants, in the preliminary objection, are asking the court to either strike out the contempt proceedings or decline jurisdiction regarding the Notice of Disobedience of Court Order (Form 48) dated May 31, 2024.
They argued that the alleged contemptuous act was done outside the precincts of the court, making it ex-facie curiae.
In a supporting affidavit, an Associate in the AFEX Capital Market Sales Department, Akala Ehigie Richard, said it was in the interest of justice to strike out the entire contempt proceedings.
Justice Aneke adjourned till June 27.