(2016) JELR 50982 (CA)    

Court of Appeal  ·  CA/L/532/2008 ·  30 Mar 2016 ·  Nigeria
Core Terms Beta
constitution of the federal republic of nigeria
securities act
securities tribunal
national assembly
capital market operator
jurisdiction of the state high court
state high court
statement of claim
appellants’ counsel
lower court
capital market
jurisdiction of the court
laws of the federation of nigeria
ordinary shares
stock broker
1st appellant
aforesaid shares
capital issues
civil court
government of gongola state
high court
lagos state high court
learned trial judge
legal practitioners
provisions of the act
provisions of the investments
african continental bank ltd
appellants’ brief
company shares
exchange commission rules
exchange of processes
exclusive jurisdiction of investments
independent national electoral commission
learned trial judge of the court
national assemblyunder section
notice of appeal
obaseki-asejumo jca
okike’s case
point of law
provisions of the constitution of the federal republic
realm of the exclusive legislative list
respective counsel
respect of the mandate
subject matter
subjectto section
uac nigeria plc
units of uac of nigeria plc shares

OBASEKI-ASEJUMO JCA (Delivering the Lead Judgment): The respondent as claimant at the lower court in suit No. LD/2912/99 filed an action against the appellants vide a writ of summons and statement of claim dated and filed 5 October 1999, seeking for the following reliefs:

Delivery up to the plaintiff of 7,159,908 units of UAC of Nigeria Plc shares and all bonuses issued on the aforesaid shares since 1996. An account of all dividends received or payable on the aforesaid 7,159,908 UAC Nigeria Plc ordinary shares (and on any bonuses issued thereon) from 1995 to date. An order directing the defendants to pay over to the plaintiff the sum ascertained to be due as dividends on the aforesaid account with interest at the rate of 21% per annum from 16 April 1995 until payment. N10,000,000.00 (Ten million naira) as general damages for conversion, conspiracy and fraud. Upon service of the writ of summons on the appellants , the appellants filed their amended statement of defence dated and f…

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