UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): The Appellant herein is a dealing member of the Nigerian Stock Exchange and duly licensed by the Securities and Exchange Commission as a Dealer/Broker. By the nature of its business, the Appellant collects deposits from its customers for purposes of investment in the stock market. The Appellant, alleging that its Managing Director was engaged in fraudulent misappropriation of customer deposits, falsification of accounts and grant of unauthorized loans; wrote a Petition to the Economic and Financial Crimes Commission (EFCC) against its said Managing Director.
Meanwhile, one of the Appellant’s customers who had given a deposit to the Appellant for investment but was unable to be repaid upon maturity of the investment, also lodged a complaint with the Nigeria Police against the Appellant Company. Upon this complaint being made, the Police sent an invitation to the Chairman of the Appellant Company in respect of the alleg…