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TOHIR FOLORUNSHO ISMAILA & ORS v. CENTRAL BANK OF NIGERIA & ORS

(2017) JELR 37407 (CA)

Court of Appeal  •  CA/L/913/2010  •  24 Nov 2017  •  Nigeria

Coram
MOHAMMED LAWAL GARBA JCA; YARGATA BYENCHIT NIMPAR JCA; UGOCHUKWU ANTHONY OGAKWU JCA;

Judgement

UGOCHUKWU ANTHONY OGAKWU, JCA (Delivering the Leading Judgment): This appeal was spawned by actions taken by the Central Bank of Nigeria, the 1st Respondent herein, with respect to the management of the affairs of Finbank Plc, the 3rd Respondent herein. The Appellants who are shareholders of the 3rd Respondent instituted proceedings at the Federal High Court, Lagos Division, for judicial review of the actions of the 1st Respondent and for an order of certiorari to lie to quash the said actions. Upon applying for leave to bring the application for judicial review, the lower Court, suo motu, raised the issue of whether the application was statute barred. In its Ruling granting leave for the application to be brought, the lower Court held that the action was not statute barred because the cause of action arose on 14th August 2009, therefore the application for leave to apply for judicial review which was filed on 11th November 2009 was filed within three months of the accrual of the caus…

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