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PEAK MERCHANT BANK LTD. v. CENTRAL BANK OF NIGERIA & ORS

(2017) JELR 38114 (CA)

Court of Appeal  •  CA/L/05/2011  •  31 Jan 2017  •  Nigeria

Coram
JOSEPH SHAGBAOR IKYEGH JCA; TIJJANI ABUBAKAR JCA; BIOBELE ABRAHAM GEORGEWILL JCA;

Judgement

JOSEPH SHAGBAOR IKYEGH, JCA (Delivering the Leading Judgment): The Federal High Court sitting in Lagos (the Court below) struck out the appellant's suit challenging the revocation of her licence by the 1st-2nd respondents, hence the appeal.

In outline, the appellant filed the action at the Court below that the revocation of her licence by the 1st-2nd respondents was done without due process and in contravention of the provisions of the Banks and Other Financial Institutions Act, 1991 (BOFIA), which revocation, the appellant sought the Court below to set aside and declare that the 1st respondent was not entitled to appoint the 2nd respondent as a liquidator of the appellant; and that it be also declared by the Court below that the respondents cannot seal or take over the management and control of the appellant.

Upon preliminary objection canvassed by the parties at the Court below, the said Court struck out the action on the footing that no element of bad faith in the revocation of the l…

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