The Court of Appeal sitting in Port Harcourt has granted the Motion by Elano Investments Limited, for a Stay of Execution of the Orders of a Rivers State High Court presided over by Justice A. Enebeli, restraining Indorama Eleme Petrochemicals Company Limited from paying out dividends to Elano Investments Limited, The Company managing the 7.5 percent Shares for the Host Communities.
The Court described as strange, the lower Court’s decision to suo –moto extend the exparte injunctions on November 9, 2020 without hearing the parties, whereas the Court had adjourned the same case to November 10, 2020. The 3-Member panel unanimously dismissed the counter affidavit filed by Hon. Aforji Igwe opposing Elano’s Motion for Stay of Execution.
The Court found that the counter affidavit contained falsehood and accordingly dismissed it. The Court of Appeal however stated that they were in agreement with all the submissions of the Appellant/Applicants (Elano Investments Limited). And having struck out the counter affidavit filed by Hon. Igwe Aforji for being incompetent, the Court proceeded to grant all the prayers of Elano Investments Limited.
Addressing youths who had come to pledge solidarity with the company, Hon. Onorwi Ngofa, An Executive Director of the Company who stood in for the Board Chairman appealed for calm while assuring the people, that by the recent development, the Host Communities will now enjoy their accumulated dividends, which were stopped by the Court Order obtained by Hon. Aforji Igwe, from the Rivers State High Court, since October 2020.
Onorwi Ngofa also reiterated the Elano Investment Limited’s commitment to the resumption of its ongoing Community Development projects which were stalled by the exparte order. These projects include Construction of Roads and Rehabilitation of failed Community access Roads, Youths Educational Empowerment programmes, Free Healthcare Insurance Scheme, Women Empowerment, Security, Estate Development and Sports.
