M. L. UWAIS, C.J.N. (Delivering the Leading Judgment): This is an appeal from the decision of the Court of Appeal holden at Lagos which reversed the ruling of the Federal High Court sitting at Lagos. The facts, which are common ground, may be stated as follows:
By Government Notice No.1 published in the Official Gazette of the Federal Republic of Nigeria No.1 Volume 81 of 21st January, 1994, the licences of the Financial Merchant Bank Ltd. (the respondent herein) and one other Bank were revoked by the Governor of the Central Bank of Nigeria and the appellant was appointed their liquidator. The revocation was declared to be in accordance with the powers of the Governor under Section 12 of the Banks and Other Financial Institutions Decree No. 25 of 1991 (hereinafter referred to as "BOFID"). The reason for exercising the power was given in the Gazette Notice to be "the grave financial condition of the banks which culminated in the total erosion of their capital obligations to their depos…