N.A.B. Kotoye V. Mrs. F.m. Saraki & Anor (1994)

LawGlobal-Hub Lead Judgment Report

KUTIGI, J.S.C.

In the consolidated suits Nos. LD/845/87 and LD/938/87 the plaintiffs together and the 2nd plaintiff alone respectively claimed against the defendant as follows:-

“LD845/87

(1) A declaration that the 2,400,000 shares and the Bonus, Scripts and other shares attached thereto standing in the name of the defendant in the Register of Shareholders of Societe Generale Bank (Nigeria) Limited is held by him in trust for the plaintiffs (or alternatively) for the 2nd plaintiff;

(2) An order directing an Inquiry into the amount of any dividends which may have been received by the defendant as holder of the afore-mentioned shares up to the date of the judgment herein;

(3) An order of injunction restraining the defendant from holding or dealing with the aforesaid shares otherwise than as trustee for the plaintiff and in accordance with the lawful direction of the plaintiff or the appropriate authorities.

(4) An order for rectification of the Registrar of Shares to give effect to any judgment, delivered herein.”

“LD/938/87

1. A declaration that the 4,579,460 shares standing in the name of the defendant in the Register of Shareholders of Societe Generale Bank (Nigeria) Limited is held by him in trust for the plaintiff.
2. An order directing an inquiry into the amount of any dividends which may have been received by the defendant as holder of the aforementioned shares up to the date of the judgment herein.
3. An order of injunction restraining the defendant from holding or dealing with the aforesaid shares otherwise than as trustee for the plaintiff and in accordance with the lawful direction of the plaintiff or the appropriate authorities.
4. An order for rectification of the Register of Shares to give effect to any judgment delivered herein.
5. An order for the refund of the sum of N70,000.00 being balance of the N800,000.00 held by the defendant on the plaintiff’s behalf.

The defendant counter-claimed against the plaintiffs in the consolidated suits thus”

LD/845/87

(1) Whereupon the defendant by way of Counter-claim claims against the 2nd plaintiff the sum of N730,000.00 being money advanced to the 2nd plaintiff or to his order at his request.

(2) The defendant also claims interest thereon at the rate of 15% per annum from the 15th day of May, 1986 until payment.”

“LD/938/87

(1) A declaration that of the 6,876,840 shares standing in the name of the plaintiff in the Register of Members of Societe Generale Bank Nigeria Limited 2,783,483 thereof are not held by the plaintiff beneficially but upon trust for the plaintiff and the defendant for disposal as they shall both agree to deserving Nigerians of their choice.