Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



EDE
V.
CENTRAL BANK OF NIGERIA

(2014) JELR 57820 (CA)    

Court of Appeal  ·  CA/L/510/2010 ·  21 Nov 2014 ·  Nigeria
CORAM
SIDI DAUDA BAGE JCA (Presided) TIJJANI ABUBAKAR JCA YARGATA BYENCHIT NIMPAR JCA ( Read the Lead Judgment)

Ratio Decidendi

Core Terms Beta
court
application
section
derivative action
issues
companies
respondents
12th respondents
lower court
rule
supreme court
allied matters act
ex parte
trial court
companies proceedings rules
originating summons
1st respondent
2nd respondent
constitution of the federal republic of nigeria
grant of leave
lead judgment
respondent’s notice
appellants’ application
brief of argument
court of jurisdiction
laws of the federation of nigeria
nimpar jca
sole issue
12th respondent
1st-11th respondents
3rd-12th respondents’ issues
3rd issue
alleged wrongs
appellate court
behalf of platinum habib bank plc
behalf of the 12th respondent
crux of the 3rd-12th respondents notice
decision of the learned trial judge
good faith
grounds of appeal
hon. justice c.m.a. olaterogun-ishola
judgment of the federal high court
jurisdiction of the lower court
notice of appeal
respondents’ notice
rules of the court of appeal
state of the law
virtue of the provisions of the companies proceedings rules
virtue of the provisions of the company proceedings rules

NIMPAR JCA (Delivering the Lead Judgment): This appeal is against the judgment of the Federal High Court sitting in Lagos and presided over by Hon. Justice C.M.A. Olaterogun-Ishola, wherein by a ruling delivered on 10 February 2010, it dismissed the appellants’ application for leave tobring a derivative action against the respondents. The appellants being dissatisfied with the said ruling, appealed to this court on four grounds of appeal.

Facts

The appellants by a motion ex parte, applied before the trial court praying for several reliefs, one of which was leave to commence a derivative action in the name and on behalf of Platinum Habib Bank Plc, the 12th respondent herein, seeking to redress alleged wrongs committed by the 1st-11th respondents. The motion was duly supported by an affidavit disclosing facts constituting the grounds upon which a derivative action can be brought under section 303 of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004…

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