United Bank For Africa V. Corporate Affairs Commission & Ors (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment)

This is an appeal against the decision of the Federal High Court, Lagos Division, coram IDRIS J. delivered on the 18th day of March, 2013.

?The brief facts of this case according to the Appellant are largely undisputed. The Plaintiff/1st Respondent sometime on 6th July, 2011 caused a uniform letter to be written to the 1st Defendant/Appellant and the 2nd to 6th Respondents wherein it stated its plan to carry out a special inspection exercise of all loan transactions and documentations between the Appellant and the 2nd to 6th Respondents, on the one hand and public and private companies in Nigeria purportedly pursuant to Sections 1,315(2) and 317(2) of the Companies and Allied Matters Act.

The Appellant, just like the 2nd to 6th Respondents, upon receipt of the letter, wrote to the Plaintiff/1st Respondent informing it that the Sections of the Act relied upon by the 1st Respondent does not give it the powers it purports to exercise and consequently, the Appellant would not oblige the 1st Respondent the request sought. Dissatisfied with the response, the 1st

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Respondent caused an Originating Summons to be filed against the Appellant and the 2nd to 6th Respondent upon which judgment was delivered by the trial Court.

Aggrieved with the decision of the lower Court, the Appellant filed a Notice of Appeal dated 18th April, 2013 on two grounds.

Parties filed and exchanged their respective briefs. Appellant’s brief settled by KOP Odidika, Dorcas Oghome Ndukwe, Ijeoma Ekeh, Oluwapelumi Faloye of Sower & Messuarius Solicitors is dated 1st August, 2013 but deemed 7th May, 2014. Two issues were nominated therein.

Chief, the Hon. U. N. Udechukwu, KSC, SAN; Kehinde Aina, Esq.; O. O. Adeleye, Esq.; O. V. Iweze, Esq.; O. Folarin (Miss); Faith Ume (Miss) of Aina Blankson LP filed a Brief on behalf of the 1st Respondent. It is dated and filed 3rd March, 2015 but deemed 13th May, 2015. 1st Respondent adopted the issues formulated by the Appellant in its brief. 2nd Respondent filed a brief of argument dated and filed 24th February, 2015. It is settled by Prof. Osopitan, (SAN), Damilola Salisu (Miss) of Bayo Osopitan & Co. Two issues were also identified therein.

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Meanwhile, the 5th Respondent’s Amended

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Brief settled by Abiodun Olaleru of George Ikoli & Okagbue Law Firm. It is dated 14th April, 2015 and filed 22nd April, 2015 but deemed 13th May, 2015. The 5th Respondent merely incorporated its argument on its Notice to Affirm the judgment of the lower Court on other grounds dated 6th August, 2013 but deemed 25th February, 2015 and nominated two issues for its determination.

Before dwelling on the main appeal, it is important to note that the 1st Respondent has via Form 11, filed a Notice by Respondent of Intention rely upon preliminary objection dated 4th March, 2015 pursuant to Order 10 of the Court of Appeal Rules, 2011 on the following grounds: