U. MOHAMMED, J.S.C (Delivering the Leading Judgment): On the 6th day of May, 1997 this appeal was argued before this court. After reading the respective briefs of counsel for the appellant and the respondent, and listening to the oral arguments in elaboration of points made in those briefs, I allowed this appeal, set aside all the orders made by the Court of Appeal and restored the orders made by the High Court. I indicated that I would give my reasons later. I now do so.
In this appeal Owena Bank (Nigeria) PLC submitted that the Court of Appeal, Lagos Division, was in error to grant leave to Securities and Exchange Commission to appeal, as an interested party, against a ruling delivered by Audu Kafarati J. of Federal High Court, Lagos. The history behind this dispute started when one Mr. I.L. Okoh of the Securities and Exchange Commission wrote to the Managing Director of Owena Bank, the appellant in this appeal, disclosing to him the decision reached by the Administrative Hearing C…