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FASEL SERVICES LTD. & ANOR. V. NIGERIAN PORTS AUTHORITY & ANOR.

(2003) JELR 55909 (CA)

Court of Appeal  •  CA/A/79/2000  •  30 Jan 2003  •  Nigeria

Coram
ZAINAB ADAMU BULKACHUWA, JCA ALBERT GBADEBO ODUYEMI, JCA TANKO MUHAMMAD, JCA

Judgement

MUHAMMAD, JCA (Delivering the Lead Judgment): By an originating summons, the respondents herein, as plaintiffs at the Federal High Court (lower court) holden at Abuja, sued the appellants as defendants. Brief background facts of the case reveal that 1st plaintiff is a statutory body set up by the Federal Government of Nigeria, 2nd plaintiff is a body/ fund established and funded by the 1st plaintiff as employer for the purpose of providing superannuation benefits for her employees and with power to manage and invest pension funds. 1st defendant is a limited liability company incorporated under the name of Fag Afrikana Services Limited. 2nd defendant was the Chairman of the Board of Directors of the 1st Defendant who had always functioned as Executive Chairman. One of the organisations owned and managed by the 1st defendant is AGURA HOTEL, Abuja. The plaintiffs averred that between October, 1983 and May 1986, the 2nd plaintiff offered to buy and was allocated, 1,330,000 ordinary shar…

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