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EJEMBI EKO, J.C.A (Delivering the Leading Judgment): This Appellant was the 2nd Defendant in the suit of the 1st Respondent in this appeal commenced by way of originating summons of the Federal High Court, Port Harcourt in the Suit No. FHC/CS/PH/277/2008. The cause of action is adumbrated by paragraphs 2, 3, 4, 6 and 7 of the verifying Affidavit. The said averments are herein below reproduced viz:
2. That by a letter dated November 1, 2002 the 1st defendant as promoter and for the 2nd defendant invited me to invest in the now defunct ASSURANCE BANK NIGERIA LIMITED. A copy of the said letter is hereto exhibited and marked Exhibit "A".
3. That sequel to the said invitation which I accepted I entered into a BOARD MEMBERSHIP AGREEMENT dated 14th November, 2002 with the 1st defendant in which I was referred to as the INVESTOR and the 1st defendant was referred to as the PROMOTER. A copy of the said BOARD membership agreement is hereto exhibited and marked Exhibit "B".
4. That the said BO…