TIJJANI ABUBAKAR, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State, sitting in the Ikeja Division, delivered by Oyewole J. (Now JCA) on the 7th day of June 2005 in Suit No:ID/143C/04.
Just by way of brief summary of facts grounding the appeal. One Chief Tony Ezenna, the Chairman of Orange Drugs Limited sometimes in April 2002 approached the 2nd Respondent Company, a private limited liability Company incorporated under the laws of the Federal Republic of Nigeria and licensed by the Securities and Exchange Commission to carry on business as stock brokers to purchase shares of the Nigeria breweries for him. Towards the said purchase, Chief Ezenna deposited the sum of N1,35,000,000.00 in six installments. Let me state that the Appellant herein negotiated the transaction being the Chief Executive officer of the 2nd Respondent.
The transaction developed hick-ups, the Appellant and the 2nd Respondents were unable to purchase the…