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THE NIGERIAN STOCK EXCHANGE v. EKPE & ANOR

(2021) JELR 109315 (CA)

Court of Appeal  •  CA/L/1084/2017  •  20 Sep 2021  •  Nigeria

Coram
Obande Festus Ogbuinya, JCA Onyekachi Aja Otisi, JCA Abubakar Sadiq Umar, JCA

Judgement

OBANDE FESTUS OGBUINYA, J.C.A. (Delivering the Leading Judgment): This appeal probes into the correctness of the decision (ruling) of High Court of Lagos State, Lagos Division, (hereinafter addressed as “the lower Court”), Coram Justice: Y. A. Adesanya, J., in Suit No. LD/2797 CMW/2017, delivered on 11th July, 2017. Before the lower Court, the appellant and the second respondent were the defendants while the first respondent was the claimant.

​The facts of the case, which transformed into the appeal, are amenable to brevity and simplicity. On 28th June, 2016, the first respondent, a retired international banker, instructed Partnership Securities Limited (PSL), a stockbroker licenced by the appellant, to sell some of the shares he held in Ecobank Transactional Incorporated (ETI) at N16.00 per share. The first respondent completed forms wherein he indicated direct cash payment of the proceeds of the shares in line with the provision of Rule 16.3 of the Nigerian Stock Exchanged Rules (the…

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