AMINA ADAMU AUGIE, JCA (DELIVERING THE LEADING JUDGMENT): This is yet another appeal against the decision of the Federal High Court in respect of the dispute over the sale of the 1st Appellant to the 2nd Appellant, who emerged as the preferred bidder, when the Federal Government of Nigeria sold the 1st Appellant's shares, pursuant to its Privatization Programme.
To fulfill its obligation, the 2nd Appellant borrowed N750,000.00 from Hallmark Bank plc., and offered the Respondent 40% of the shares for N500,000.00, which it paid to the Bureau of Public Enterprises [BPE], and it was then registered as a shareholder by Corporate Affairs Commission [CAC]. In 2005, the Respondent filed Suit No. FHc/L/CS/594/2005 at the Federal High Court against the Appellants, and Nigerian Stock Exchange as 4th Respondent, Hallmark Bank as 5th Respondent, Equitorial Trust Bank as 6th Respondent, BPE as 7th Respondent, and Chief Anthony Idigbe SAN, as the 8th Respondent.
The parties subsequently settled out…