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OTERI HOLDINGS LTD v. MOFTA WEST AFRICA LTD & ORS

(2021) JELR 109302 (CA)

Court of Appeal  •  CA/L/661/2014  •  29 Apr 2021  •  Nigeria

Coram
Onyekachi Aja Otisi, JCA Abubakar Sadiq Umar, JCA Abdullahi Mahmud Bayero, JCA

Judgement

ONYEKACHI AJA OTISI, J.C.A. (Delivering the Leading Judgment): This appeal was lodged against the decision of the Federal High Court, Lagos (the lower Court) Coram Tsoho, J. (now Hon. Chief Judge) delivered on April 17, 2014 wherein the lower Court dismissed the Appellant’s case.

The facts leading to this appeal, on the part of the Appellant, may be summarized in this manner:

The Appellant, a Limited Liability Company, acquired 18,000,000 ordinary shares in the 2nd Respondent. By a Memorandum of Understanding (MOU) dated 2/1/2001, Olorogun M.C.O Ibru settled that Oboden v. Ibru, Obaro S. E. Ibru and their Siblings, his children from Mrs. Cecilia Ibru Oboden, described in the MOU as the ‘Ivetu’, were to withdraw from all businesses of the Appellant company while Olorogun O.C.J Ibru, Peter T.A Ibru, Emmanuel Ibru and all their siblings described as ‘Ovuone’ will issue a letter of indemnity to the members of Ivetu for all past, present and future dealings in the Appellant company. The Appe…

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