The Court of Appeal has dismissed an appeal affirmed the ownership of 2.5% equity shares of Indorama Eleme Petrochemicals Limited by ex-workers of the company as directed by the Federal High Court.
The National Industrial Court had earlier dismissed an application seeking to set aside an Arbitral verdict awarded and enforced by the Federal High Court in respect of the ownership of the 2.5% equity shares through their Cooperative Society.
But the Court of Appeal on Friday dismissed the appeal and affirmed the judgment of the Federal High Court in favour of the former staff of Indorama Eleme Petrochemicals Company Limited.
The newly employed staff of the company had filed a suit between Kendrick Oluka & others Vs Bala Marama & others, with Number CA/PH/209/2018, contesting the control of the shares.
The contention was on the premise that ex-workers of the company should not continue benefitting from the dividends of the Cooperative, where they are members, noting that they are no longer a staff of the company and as such should be replaced by those freshly employed.
However, the Industrial Court declined to consider the application over lack of authority, stating that the Federal High Court that granted the order enforcing the arbitral award was a court of coordinated jurisdiction.
Dissatisfied with the judgment of the Industrial Court, the appellants approached the Court of Appeal to set aside the judgement of the industrial court and also to uphold their case.
However, the Appeal Court dismissed the appeal and held that since no injustice was suffered by the appellants, the case was upheld in favour of the former staff and Cooperative Society with the payment of N200,000 granted in favour of the duo against the appellants.
