SOCIETE GENERALE FAVOURISER LE DEVELOPMENT DU COMMERCE ET DE L' INDUSTRIE EN FRANCE V. SOCIETE GENERALE BANK (NIGERIA) LIMITED

M. E. OGUNDARE, JSC (Delivering the Leading Judgment): Sometime in 1976 Dr. Abubakar Sola Saraki, Dr. E.A. Ikomi, Mr. N.A.B. Kotoye and Societe General Favouriser Le Development du Commerce et de L'industrie en France (who is the appellant in the appeal now before us and shall hereinafter be referred to as the appellant) agreed to form a bank in Nigeria to be known as Societe Generale Bank (Nigeria) Limited. On 7th July, 1976 the three gentlemen and the appellant executed a written agreement wherein the parties are referred to as "founders" of the bank to be incorporated. The agreement contains a number of articles, one of which, Article 11 provides:

"If any difference or dispute shall arise between the parties as to the construction of the agreement or as to any matter or thing of whatsoever nature arising thereunder, or in connection thereunder, or in connection therewith, such dispute or difference, shall be referred to the Arbitration and final decision of a person to be agreed b…