UWA JCA (Delivering the Lead Judgment): This appeal is against the ruling of the Federal High Court, Abeokuta, delivered by M. U. Bioshogun,
J. on Thursday, 26 October 2000 refusing the appellants’ application to strike out the suit for lack of jurisdiction. The appellants as defendants in the lower court brought an application to strike out the suit of the respondent, then plaintiff, for lack of jurisdiction, on the ground that the plaintiff lacked the locus standi to institute the suit and that the suit was not initiated by due process of law. The background facts are that on 25 January 1999, the respondent filed a writ of summons in the Federal High Court, Abeokuta, claiming the following reliefs:
“(1) A declaration that the offshore transfer/sale of the 1st defendant’s shares to SUNTEX Overseas (HK) Limited in Hong Kong through a deed of sale and purchase dated 21
August 1997 is fraudulent, illegal, null and void and against the Securities and Exchange Commission Act, 1990.
(2) A …