A. G. IRIKEFE, J.S.C. (Delivering the Leading Judgment): The appellants by their plaint filed at the Federal Revenue Court on 24th April, 1974 claimed against the respondents:
"(a) A declaration that there is a valid and subsisting agreement between the plaintiff and the defendant whereby the plaintiff is entitled to 53,500 shares in the defendant's company.
(b) Specific performance of the said agreement by executing a formal deed of transfer of the said shares to the plaintiff.
(c) An injunction to restrain the defendant from transferring the said shares or any part thereof in any manner prejudicial to the plaintiff's interest."
The case derives its life from a mass of documentary evidence in the form of correspondence exchanged between the parties and these will be set out in this judgment as, and when relevant.
The plaintiffs, hereinafter referred to as appellants, are a limited liability company registered in Nigeria. The defendants, hereinafter referred to as respondents, are als…