CORAM
A.G. KABIRI-WHYTE JUSTICE, SUPREME COURT
S. KAWU JUSTICE, SUPREME COURT
P. NNAEMEKA-AGU JUSTICE, SUPREME COURT
O. OLATAWURA JUSTICE, SUPREME COURT
M.E. OGUNDARE JUSTICE, SUPREME COURT
PARTIES
CO-OPERATIVE & COMMERCE BANK (NIGERIA) LTD.
APPELLANTS
ATTORNEY-GENERAL OF ANAMBRA STATE
ATTORNEY-GENERAL OF ENUGU STATE
RESPONDENTS
AREA(S) OF LAW
NONE
SUMMARY OF FACTS
SUMMARY OF FACTS
The Plaintiff instituted an action on 15th May, 1992 in the Federal High Court (Enugu Division) claiming for a declaration that the Special Resolution passed on 25/9/91 at an Extraordinary General Meeting of the defendant company amending the Articles of Association of the defendant company in terms shown therein is null and void, declaration that the Special Resolution passed on 25/9/91 at an Extraordinary General Meeting of the defendant company, amending the Articles of Association of the defendant Company in terms shown therein, is in bad faith, prejudicial, inequitable and/or against the interest of the plaintiffs, declaration that the composition of the Board of the defendant company consequent upon the said amendment of the Articles of Association is prejudicial, inequitable and against the interest of the plaintiffs, An injunction restraining the defendant company, its agents, privies and/or servants from proceeding with, or completing action on the proposed privatization of the defendant company without first restoring plaintiffs to all the advantages, rights, and/or privileges they enjoyed under the Articles of Association of the defendant company before the said amendment of 25/9/91.
HELD
APPEAL ALLOWED
ISSUES
NONE
RATIONES DECIDENDI
RATIO:
MEANING OF PRIVATIZATION
“Privatization is not defined in the Act but in section 14 of the Privatization and Commercialization Act Cap. 369 the word is defined as meaning: “the relinquishment of part or all of the equity and other interests held by the Federal Government or its agency in enterprises whether wholly or partly owned by the Federal Government.”
CASES CITED
None.
STATUTES REFERRED TO
Section 14 of the Privatization and Commercialization Act Cap 369