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NIGERIA DEPOSIT INSURANCE CORPORATION v. HON. FEMI DAVIES & ORS

(2018) JELR 38399 (CA)

Court of Appeal  •  CA/A/327/2010  •  20 Jul 2018  •  Nigeria

Coram
ABDU ABOKI JCA; PETER OLABISI IGE JCA; MOHAMMED MUSTAPHA JCA;

Judgement

PETER OLABISI IGE, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment of Investment and Securities Tribunal presided over by Dr. Nnenno Orji and delivered on the 3rd day of July, 2008.

The claimant now respondent had approached the said Tribunal vide their Originating Application dated 4th day of June, 2007 and filed same day, wherein the claimant claimed against the Respondents jointly and severally as follows:-

The payment of the sum of N2,000,000.00 (Two Million Naira Only) being the sun invested in 1,000,000 Ordinary Shares of All States Trust Bank (NOW ECOBANK) with interest at the rate of 21% per annun from August 2005 till date and thereafter at the rate of 18% per annum until judgment is given.

An Order mandating the compulsory allotment to the Plaintiff of 2 Million Naira worth of shares of ECOBANK PLC at the present market value of the said shares."

The matter proceeded to trial. At the end of the trial the learned trial Chairman gave a considered judg…

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