JIMI OLUKAYODE BADA, J.C.A. (Delivering the Leading Judgment): This is an appeal from the Judgment of the Federal High Court, Abuja, in Suit No:FHC/ABJ/270/2003 - OSINDERO ONI and LASEBIKAN v. SECURITIES AND EXCHANGE COMMISSION delivered on the 2nd day of April, 2004.
Briefly, the facts of the case are that in the year 2000, the National Council on Privatization set up by the Federal Government offered for sale to the public 86,400,000 Ordinary Shares of African Petroleum (AP PLC) held on behalf of the Federal Government of Nigeria by the Nigerian National Petroleum Corporation (NNPC). A year after, Sadiq Petroleum Nig. Ltd, the core investor in the offer alleged that the past management of African Petroleum PLC had not disclosed huge debts owed to creditors to the tune of N22.5 billion which debts were said to have been owed to NNPC, some banks and other financial institutions.
The core investor, Sadiq Petroleum Nig. Ltd alleged that the said indebtedness was not disclosed in the pro…