RITA NOSAKHARE PEMU J.C.A. (Delivering the Leading Judgment) The action, subject matter of this Appeal was commenced by Originating Application dated 27th of April 2009, by the Applicant (now Appellant) as gleaned from pages 1 - 7 of the Record of Appeal. It issued at the Investments and Securities Tribunal, Lagos.
It is for the following orders.
(I) AN ORDER directing the 1st Respondent to pay the Applicant the sum of N5,395,781.60k (Five Million, Three Hundred and Ninety-Five Thousand, seven Hundred and Eighty-One Naira, Sixty Kobo) being the total sum of money paid by the Applicant to the 22nd Respondent in its Initial Public Offer of shares in October 1992 which shares were not allotted.
(II) AN ORDER directing the 1st Respondent to pay the sum of N17,881,472.39 (Seventeen Million, Eight Hundred and Eighty One Thousand, Four Hundred and Seventy-Two Naira, Thirty-Nine Kobo) being interest on the principal sum, calculated at 21% per annum from 15th October 1992 to 23rd of July 200…