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P. I. P. C. SECURITY LIMITED v. MR. GEORGE X. VLACHOS & ANOR

(2007) JELR 33385 (CA)

Court of Appeal  •  CA/J/249/2004  •  1 Feb 2007  •  Nigeria

Coram
RABIU DANLAMI MUHAMMAD JCA; AHMAD OLAREWAJU BELGORE JCA; UZO NDUKWE-ANYANWU JCA;

Judgement

BELGORE, J.C.A. (Delivering the Leading Judgment): The plaintiff (now the 1st respondent) is a shareholder of the Guiness Nigeria Plc. He gave to the defendant (now the appellant), who is a stock broker, two share certificates of 932 and 298 share units respectively with the instruction to dispose same at the Stock Exchange Market for commission at the prevailing market value. That was on the 7th day of August, 1998, by exhibit B, the market value of the Guiness Nigeria Plc shares appreciated to N55 per share as at April, 2003. By October, 2003, the value was N134 per share, according to exhibit C. By exhibits B and C, it means that if the 1230 shares were sold in April, 2003, the proceeds thereof would be N67,650.00, whereas if they were sold in October, 2003 the proceeds thereof would be N 164,820.00 respectively sold. Exhibit A is the transcript receipt the appellant gave to the 1st respondent acknowledging the receipt of his share certificates.

When the appellant took possession …

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