JOSEPH SHAGBAOR IKYEGH (Delivering the Leading Judgment): The appeal is against the Judgment by the High Court of Justice of Lagos State (the court below), by which it refused to set aside an arbitral award entered by an arbitral tribunal in respect of disputed Shareholders Agreement between the 1st respondent and the appellant together with the other respondents.
In outline the 1st respondent initiated an action at the court below seeking some declaratory reliefs against the other respondents and the appellant. While the action was pending, the 1st respondent issued a notice of arbitration against the other respondents and the appellant alleging breach of the Shareholders Agreement between them.
The Shareholders Agreement had an arbitration clause in the event of dispute arising therefrom.
Pursuant to Clause 25 of the Shareholders Agreement containing the arbitration clause, the 1st respondent wrote to the then Chief Judge of the Federal High Court (Ukeje, CJ) to appoint arbitrator…