SULEIMAN GALADIMA, JSC (Delivering the Leading Judgment): This is an appeal against the decision of the Court of Appeal, Lagos Division delivered on the 10th March, 2005 whereby the court dismissed the appeal lodged by the Appellants against the ruling of the High court of Lagos state, which dismissed Appellants' preliminary objection dated 16th October, 2010 filed by the Appellants in which they sought to strike out the Respondents' suit on the ground that the suit arose from the exercise of powers and duties of a Receiver/Manager and therefore falls within the operations of the Companies and Allied Matters Act, over which the Federal High Court has exclusive jurisdiction by virtue of the provision of section 251(1)(e) of the 1999 constitution of the Federal Republic of Nigeria.
I shall briefly recount the events which culminated in the suit of the Respondent at the trial court for ₦2 million general and/or exemplary damages against the Appellants jointly and severally. Sometime in …