HELEN MORONKEJI OGUNWUMIJU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the decision of the Federal High Court, Lagos Division delivered by Honourable Justice M. L. Shuaibu on 29th November 2006 in respect of the petition for declaration pursuant to S. 506 (1) of the Companies and Aliied Matters Act 1990 hereinafter referred to as (CAMA). The Court found the Appellant personally liable without limitation for the sum of N=21,989,362.87 (Twenty One Million, Nine Hundred and Eighty Nine Thousand, Three Hundred and Sixty Two Naira, Eighty Seven Kobo)
The said sum was the judgment debt with accrued interests as at 14th November 1998 in suit No. LD/149/89 between the Respondent herein as Plaintiff and five Defendants, namely Bol-Bol and Co. Ltd; Mrs. Hylan Beany; Mr. Habib Beany; Mr. Eli Adi and First Bank of Nigeria Limited, in which by a consent judgment, Bol-Bol and Company limited (then the 1st Respondent in the Lagos State High Court and the lower court) agreed …