AMIRU SANUSI, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Ruling of the Federal High Court (the lower court) sitting in Enugu (Coram A.O. Faji J.) delivered on 23rd of January 2007. At the lower court, the two appellants herein were plaintiffs/applicants who sued the defendant now respondent.
The 1st Plaintiff/Appellant is a company incorporated by the father of the 2nd plaintiff/appellant. Upon the incorporation of the 1st plaintiff company, the 2nd plaintiff/appellant and the defendant now respondent and other male siblings were made directors and shareholders of the 1st plaintiff/appellant company until 1991 when the defendant/respondent and one other were removed as directors of the company by a resolution of the 1st plaintiff company.
Some times in 1994, the father of the 2nd plaintiff (now 2nd appellant) who was the promoter and who in fact incorporated the 1st plaintiff company changed the structure of the shareholding of the company and made himsel…