SAMUEL CHUKWUDUMEBI OSEJI, J.C.A. (Delivering the Lead Judgment): This is an appeal against the Ruling of the High Court of Lagos State delivered by S.B.A CANDIDE-JOHNSON J. on the 27th day of October 2014 in Suit No LA/ADR/91/2013 wherein the Appellants preliminary objection challenging the jurisdiction of the trial Court to entertain the Suit was dismissed.
In brief, the facts of the case is that the 1st Respondent herein who was a former Minister of Interior is the Chairman/Chief of Executive of the 2nd Respondent (Integrated Oil and Gas Limited). Sometime in August 2012 the 2nd Respondent signed a "Through put Agreement" with PDR Ventures Ltd (PDR) wherein PDR agreed to store 3000349 metric tonnes of Diesel in a tanker farm owned by the 2nd Respondent at Ibafon Apapa, Lagos State. The said diesel was conveyed by a ship called "MT GRACE" and on arrival to Lagos with the said cargo of diesel, on the 29-8-2012, the said ship was boarded by the Nigerian Navy, the Department of Petroleu…