ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment): This is an appeal against the decision of the Federal High Court, Lagos Division, coram Idris J. delivered on the 18th day of March, 2013.
The brief facts of this case according to the Appellant are largely undisputed. The Plaintiff/1st Respondent sometime on 6th July, 2011 caused a uniform letter to be written to the 1st Defendant/Appellant and the 2nd to 6th Respondents wherein it stated its plan to carry out a special inspection exercise of all loan transactions and documentations between the Appellant and the 2nd to 6th Respondents, on the one hand and public and private companies in Nigeria purportedly pursuant to Sections 1, 315(2) and 317(2) of the Companies and Allied Matters Act. The Appellant, just like the 2nd to 6th Respondents, upon receipt of the letter, wrote to the Plaintiff/1st Respondent informing it that the Sections of the Act relied upon by the 1st Respondent does not give it the powers i…