JOHN INYANG OKORO, JSC. (Delivering the Leading Judgment): This is an appeal against the Judgment of the Court of Appeal, Lagos Division delivered on the 5th day of July, 2017 wherein the court below affirmed the decision of the trial court and dismissed the appeal of these Appellants.
A summary of the facts which has now led to this appeal are that vide a share sale/purchase Agreement dated 17th November, 2000, the Federal Government of Nigeria, under the privatization and commercialization programme, through the Bureau of Public Enterprises, divested 64,800,000 ordinary shares representing 30% of its total 40% shareholding in African Petroleum Plc to Sadiq Petroleum (Nigeria) limited. Upon purchasing the said 30% of the shares previously held by the Federal Government, Sadiq Petroleum (Nigeria) limited automatically acquired the right to manage African Petroleum Plc and also became its strategic/ core investor.
By another share purchase Agreement dated 28th November, 2005 Sadiq Petrol…