ESO JSC (PRESIDING AND DELIVERING THE LEADING JUDGMENT): In 1974, the Oilfield Supply Ltd was incorporated under the Companies Act 1968. Joseph Lloyd Johnson, an Australian who petitioned for the winding up of the company in the Federal High Court, is the respondent to this appeal and he was appointed the Managing Director. He was in fact the brain behind the founding of the company, which developed some swamp area into a port complex. There were five shareholders in all, consisting of the respondent. Chief Stephen Idugboe, Aref Roz, Evan Enwerem and Solomon Asemota. Though Idugboe was the Chairman of the company, its problems started with this Chairman making allegations, some criminal in nature, against the other shareholders. The Chairman also took some abortive civil actions against the company and the other shareholders.
However, in November, 1976, the Government compulsorily acquired the port complex for public purposes. Compensation of ₦8,416.850.00 was paid for this acquisition…