UWAIFO, J.C.A. (Delivering the Leading Judgment): This is an appeal from a ruling of Aina J. given at the Federal High Court on 25 June, 1992. The ruling was on a motion on notice by the respondent to terminate the petition brought by the appellant seeking to wind-up the respondent or in the alternative, seeking a revocation of the banking licence of the respondent bank and the appointment of a Director of Banking Supervision for the bank under sections 12 and 30 respectively of the Banks and other Financial Institutions Decree No. 25 of 1991 (the BOFID). This appeal is on a narrow issue whether the appellant had the necessary locus standi to maintain the petition. The learned trial judge held that he had none.
The appellant acquired ₦750,000 shares at ₦1.00 each in the respondent bank, representing 5% equity share capital of the said bank. This was paid for through a loan facility of ₦750,000.00 from a company known as Rims Securities Limited (Rims) upon conditions accepted by the app…