NIMPAR JCA (Delivering the Lead Judgment): This appeal is against the judgment of the Federal High Court sitting in Lagos and presided over by Hon. Justice C.M.A. Olaterogun-Ishola, wherein by a ruling delivered on 10 February 2010, it dismissed the appellants’ application for leave tobring a derivative action against the respondents. The appellants being dissatisfied with the said ruling, appealed to this court on four grounds of appeal.
Facts
The appellants by a motion ex parte, applied before the trial court praying for several reliefs, one of which was leave to commence a derivative action in the name and on behalf of Platinum Habib Bank Plc, the 12th respondent herein, seeking to redress alleged wrongs committed by the 1st-11th respondents. The motion was duly supported by an affidavit disclosing facts constituting the grounds upon which a derivative action can be brought under section 303 of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004…