CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment of the Investment and Securities Tribunal, Lagos Zonal Office delivered on the 3rd day of May 2011 granting most of the claims of the Respondent.
The facts leading to the institution of this suit at the Tribunal are as follows: The Applicant on the 20th day of March 2008 lodged with the Respondent Stockbrokers a portfolio of 31,886,200 units of IPWA shares represented in Certificate No. 1887765 which shares were subsequently verified and lodged with Central Securities Clearing System (CSCS) by the Respondents on the applicant's instructions. On the instruction of the Applicant, the Respondent sold 10,219,533 units of the shares leaving a balance of 21,666,667 units. On 15/5/08, the Applicant further mandated the Respondent to sell 8,333,333 units of the said shares. On 5/1/2009, the applicant discovered that its CSCS Account showed zero balance. The Applicant immediately wrote the Res…