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OMO, JCA (Delivering the Lead Ruling): In this application, the applicant is seeking in the alternative, two prayers, pending the determination of this appeal before this court, as follows: “1. A stay of execution or a suspension of the operation of a judgment of the Ibadan High Court delivered on 28th November, 1985 -
In favour of the respondent (and against him) in the sum of N193,299.66 with N350,000 cost - a total of N193,649.66; and In favour of the applicant, in the sum of N87,000 with N50.00 costs - a total of N87,050.00; and 2. A suspension or recall of the writ of execution issued pursuant to the aforesaid judgment.” The action in the Oyo High Court had been commenced following aprotracted disagreement between the shareholders/directors of the respondent company, of which the applicant had been its first Managing Director.
The respondent’s claim in that court was for the sum of N206,684.14 representing sums allegedly withdrawn by the applicant on various occasions from the re…