ABAYOMI BABATUNDE V PAN ATLANTIC SHIPPING AND TRANSPORT AGENCIES LTD. & 2 ORS
June 4, 2025ELEM CHUKWU IBATOR & 2 ORS V CHIEF BELL BARAKURO & 3 ORS
June 4, 2025Legalpedia Citation: (2007) Legalpedia (SC) 43342
In the Supreme Court of Nigeria
Fri Apr 13, 2007
Suit Number: SC. 284/2001
CORAM
IKECHI FRANCIS OGBUAGU, JSC, JUSTICE, SUPREME COURT
IKECHI FRANCIS OGBUAGU, JSC, JUSTICE, SUPREME COURT
IKECHI FRANCIS OGBUAGU, JSC, JUSTICE, SUPREME COURT
E.O. OGWUEGBU -JUSTICE, SUPREME COURT
IKECHI FRANCIS OGBUAGU, JSC, JUSTICE, SUPREME COURT
PARTIES
ADO IBRAHIM & COY. LTD. APPELLANTS
BENDEL CEMENT COY. LTD
RESPONDENTS
AREA(S) OF LAW
SUMMARY OF FACTS
The appellant, a shareholder of the respondent company sought the winding up of the company on the grounds that it was irredeemably insolvent.
HELD
The petition is incompetent.
ISSUES
Was the court below right to have allowed the appeal on ground that the petition was not competent under the “just and equitable” ground of section 408(e) of CAMA 1990.
RATIONES DECIDENDI
WHEN A CONTRIBUTORY CAN BRING AN ACTION FOR WINDING UP ON A JUST AND EQUITABLE GROUND
Other contingents to the making of such order include, inter alia, the following:-
The contributory must allege and prove that there will be assets for distribution.
That the petition is opposed by a majority of contributories. In this case the court will refuse to make that order unless the main objects of the Company have failed or became impracticable or that the substratum of the company was gone, e.g. where the Company is making a loss or is deeply indebted.
an order will be made where it is shown that the conduct of the majority is such as to constitute an oppression to the petitioning minority Per Muhammad JSC
CASES CITED
1. Akpan v. Otong (1996) 10 N.W.L.R. (pt. 476) 1082. Badejo v. Minister of Education (1996) 9-10 SCNJ 51 3. Fatuode v. Onwoamanam (1990) 2 N.W.LR. (Pt. 132) 3224. IBWA v. Pavex International (2000) 4 SCNJ 200.5. Okoya v. Santilli (1990) 2 N.W.LR (Pt 132) 322
STATUTES REFERRED TO
2. Court of Appeal Act of 1976 (now contained in the Laws of the Federation of Nigeria, 2004, vol. 4 Cap. C36
3. Court of Appeal Rules, 2001
4. Evidence Act Cap. 112 of LFN 1990 (now contained in LFN, 2004, Cap E14)
