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SHOFOLAHAN SUNDAY O. & ORS V. BANK PHB PLC & ORS

(2016) JELR 33264 (CA)

Court of Appeal  •  CA/L/563/2011  •  11 Nov 2016  •  Nigeria

Coram
SIDI DAUDA BAGE JCA; BIOBELE ABRAHAM GEORGEWILL JCA; UGOCHUKWU ANTHONY OGAKWU JCA;

Appearances
I. O. Aniakor, Esq. with him, Mrs. Abieyuwa Otobo For Appellant U.H. Azikiwe, Esq. with him, Miss T.O. Olowu for 1st-13th Respondents.Olarenwaju Osinaike, Esq. with him, Bisi Makanjuola, Esq., Tajudeen Lalo, Esq., Mrs. Oluwakemi Adebayo, Femi Olaoye, Esq. and Miss O.L. Olaniyi for 15th Respondent/Cross Appellant. For Respondent

Judgement

UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment).: The Appellants were shareholders and/or members of the 1st Respondent bank, Bank PHB PLC. The Appellants presented a Petition at the Federal High Court, Lagos in Suit No. FHC/L/CP/303/2011: SHOFOLAHAN SUNDAY O. and ORS. v. BANK PHB PLC and ORS. on the ground that the continuing efforts and/or acts of the 2nd13th Respondents with respect to the conduct of the affairs of the 1st Respondent bank was illegal and oppressive to the prejudice of the shareholders and/or members of the bank. The Appellants consequently claimed the following reliefs:

1. An Order that 2nd-13th Respondents and CBN and/or its Governor jointly and/or severally render an account of their dealings in the affairs of the Bank whether by themselves, personally or through their agents, servants, officials and/or privies.

2. An Order restraining the 2nd13th Respondents and/or the CBN jointly and/or severally whether by themselves or through their agents, sā€¦

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