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U. O. O NIGERIA PLC v. MR MARIBE OKAFOR & ORS

(2016) JELR 41347 (CA)

Court of Appeal  •  CA/L/1010/2013  •  18 May 2016  •  Nigeria

Coram
SIDI DAUDA BAGE JCA SAMUEL CHUKWUDUMEBI OSEJI JCA ABIMBOLA OSARUGUE OBASEKI-ADEJUMO JCA

Judgement

SIDI DAUDA BAGE, J.C.A. (Delivering the Leading Judgment): This appeal is against the Judgment of the Federal High Court, per Okeke J, delivered on the 17th day of May, 2013,

The Respondents, who were Defendants at the Lower Court desired to disinvest from the Appellant Company (Plaintiff at the Lower Court). As a result of this desire to disinvest, the Board of Directors of the Appellant Company sometime in 2005 retained the services of Remtek Investment Limited for the purposes of evaluating the unit price of the Shares of the Appellant.

This assignment was carried out in collaboration with other professional parties namely Mr. Felix Ogbonna, an estate valuer, Mr. Massey U, an estate valuer, Mr. B.C. Onyinwa, a chartered accountant, Young Ikezie, a chartered accountant and Mr. P.I. Nwolorie, a capital market operator. A committee which comprised some of the Respondents was eventually set up to review the report of the valuation exercise. At the end of the exercise a unit price of ₦1.5…

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