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EXCLUSIVE INTL LTD & ORS v. FINBANK PLC & ORS

(2021) JELR 109616 (CA)

Court of Appeal  •  CA/A/352/2014  •  30 Sep 2021  •  Nigeria

Coram
Moore Aseimo Abraham Adumein, JCA Uchechukwu Onyemenam, JCA Elfrieda Oluwayemisi Williams-Dawodu, JCA

Judgement

MOORE ASEIMO ABRAHAM ADUMEIN, J.C.A. (Delivering the Leading Judgment): The appellants were the claimants in Suit No. FHC/ABJ/CS/803/2011, which they commenced by way of an originating summons in the Federal High Court, holden at Abuja. In the said suit, the appellants sought the lower Court to determine the following questions:

"(i) Whether notwithstanding the doctrine of lis pendens, the defendants either acting jointly or severally can enter into or a facilitate scheme of arrangement or merger by whatever name called between the 1st and 2nd Defendants;

(ii) Whether the takeover of the eligible 'bank assets' of the 1st Defendant by the Asset Management Corporation of Nigeria pursuant to the Corporation's enabling Act has rendered the 1st Defendant ineligible for any other ameliorating action by the 3rd Defendant; acting severally or jointly with the other defendants.

​(iii) Whether the power vested in the Governor of the Central Bank of Nigeria (3rd Defendant herein) pursuant to Sectio…

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