OBANDE FESTUS OGBUINYA, JCA (Delivering the Leading Judgement): This appeal queries the correctness of the decision of the Federal High Court, holden at Calabar (hereinafter referred to as “the lower court”), coram judice: I. E. Ekwo, J., in Suit No. FHC/CA/M3/2016, delivered on 7th June, 2016. Before the lower court, the appellant and the respondents were the applicant and the respondents respectively.
The facts of the case, which culminated into the appeal, are amenable to brevity and simplicity. The appellant, a Lebanese, was the managing director of Star Advantage Company Limited, which was incorporated under the laws of Nigeria in March, 2005, and carried on quarry business in Akamkpa, Cross River State. Before early December, 2015, the appellant allowed the third respondent, a co-Lebanese, to run the company. The third respondent purchased the shares of one Alhaji Muhammed Tarhini and injected funds and equipment into the company on the agreement to be a majority shareholder in …