AFRIBANK NIGERIA PLC & ORS V. NIGERIA DEPOSIT INSURANCE CORPORATION

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment): This is an appeal against the ruling of the Federal High Court Lagos Judicial Division; Per Archibong J. dated the 2nd day of July, 2012 striking out the Appellants' Notice of Preliminary Objection and granted the Order for the Winding-Up of the 1st Appellant.

The background facts of the case leading to this appeal seem quite simple and straightforward. On 22/12/2011, the Respondent pursuant to its statutory mandate under Section 40(2) of the Nigerian Deposit Insurance Corporation Act, 2006 presented a Petition at the lower Court against the 1st Appellant. Consequent upon advertisement of the Petition, the 2nd to 6th Appellants filed a Notice of Intention to appear in the hearing of the Petition. When the Petition came up for hearing on 07/02/2012, the lower court adjourned proceeding to 02/04/2012, on the ground that there are pending suits that may be prejudiced. On the adjourned date of 02/04/2012, proceed…