MOHAMMED MUSTAPHA, J.C.A. (Delivering the Leading Judgment):
IN BRIEF:
The 1st to 4th respondents (Plaintiffs at the lower court) filed an action in a representative capacity for themselves, and on behalf of all the subscribers to the First Bank of Nigeria Plc hybrid offer of May, 2007, claiming pre and post allotment interest in respect of the retention of the respondents' application for monies during and after the allotment process.
The appellants filed a preliminary objection to the action of the respondents at the Federal High Court, contending among other things that the lower court has no jurisdiction, and that the suit did not disclose any reasonable cause of action.
The preliminary objection was struck out in a ruling by the lower court delivered on the 27th of March, 2009; this is an appeal against that ruling by the Federal High Court, Abuja, presided by the Honourable Justice A.I. Chikere.
The notice of appeal contained seven grounds, from which the following issues for de…