Cookie Policy
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 as put forward by the Appellant is that the Appellant, as the regulatory body established as per the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria, 2004 and in purported exercise of powers conferred on it by Section 7 of the Act, wrote to various commercial banks requesting them to furnish to the Appellant records of all loan transactions and documentation between the banks and public and private companies in Nigeria between 1st January, 2008 and 31st December, 2010. The Respondents however failed to comply with the demand on the ground that compliance would be a breach of their confidentiality duty to their customers and also that the Appellant had failed to obtain an order of Court in this regard.
In its judgment,…