CITEC INTL ESTATES LTD & ORS
V.
FRANCIS & ORS

(2021) JELR 109216 (SC)    
Supreme Court  ·  SC.720/2017 ·  15 Jan 2021 ·  Nigeria
CORAM
Olabode Rhodes-Vivour, JSC Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC Chima Centus Nweze, JSC Amina Adamu Augie, JSC Uwani Musa Abba Aji, JSC

KUDIRAT MOTONMORI OLATOKUNBO KEKERE-EKUN, J.S.C. (Delivering the Leading Judgment): This appeal is against the judgment of the Court of Appeal, Abuja Division delivered on 7th July 2017, wherein the Court allowed the appeal filed by the present 1st - 4th respondents and set aside the decision of the trial Federal High Court, Abuja Division.

The facts are relatively simple and straight forward. The 1st appellant, CITEC International Estates Ltd. was duly incorporated on 16th February, 2001 as a limited liability company under the provisions of the Companies and Allied Matters Act (CAMA), with a share capital of 2 million ordinary shares. The 1st - 4th respondents owned 95% of the share capital while the 2nd Appellant, Bello Saka Oludare, owned the balance of 5%. The 1st, 2nd and 4th Respondents as well as the 2nd Appellant were the original directors of the company. By an ordinary resolution passed on 1st April 2002, the share capital of the company was increased to 10 million.

It was al…

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