Dunalin Inv. Ltd v BGL Plc & Anor
(2015) JELR 87180 (CA)
Court of Appeal
28 Jul 2015
AMINA ADAMU AUGIE , J.C.A ( Presided and read the lead judgement)
TIJJANI ABUBAKAR, J.C.A.
ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A
<p><strong>AUGIE, J.C.A. (Delivering the leading : ):</strong> This appeal touches on illegality, and revolves around a loan facility granted to the appellant by the 2nd Respondent, to purchase shares in the 1st Respondent, who acts as its financial adviser/stockbroker, managed its stock and investments.</p><p>The Appellant sued both Respondents at the Lagos State High Court wherein it claimed as follows in its amended writ of summons and statement of Claim-</p><p>1. A declaration that the shares purchase loan arranged between the defendants in the sum of ₦34,300,000 and obtained “on behalf” of the Claimant by the 1st Defendant from the 2nd Defendant towards the acquisition of ₦7,000,000.00 units of the 1st Defendant, BGL Plc’s shares was illegal for being contrary to section 159 of the Companies and Allied Matters Act [CAMA] 2004. And thus null, void and of no binding force in contract on the claimant.</p><p>2. A Declaration that the 1st Defendant made negligent misrepresentations and misstatement and wrongly misadvi…</p>