CORAM

MUHAMMADU LAWAL UWAIS CHIEF JUSTICE OF NIGERIA(Presided and Read the Leading Judgment)

SALIHU MODIBBO ALFA BELGORE JUSTICE, SUPREME COURT

SYLVESTER UMARU ONU JUSTICE, SUPREME COURT

ANTHONY IKECHUKWU IGUH. JUSTICE, SUPREME COURT

PARTIES

NIGERIA DEPOSIT INSURANCE CORPORATION APPELLANTS

RESPONDENTS

AREA(S) OF LAW

SUMMARY OF FACTS

The licences of the the respondent and one other Bank were revoked by the Governor of the Central Bank of Nigeria and the appellant was appointed their liquidator.

HELD

In the light of the foregoing, it is futile and unnecessary to consider the remaining issues for determination in this appeal. The result is that the appeal Succeeds and it is hereby allowed. Both the decisions of the Court of Appeal and the Federal High Court are hereby set aside. The respondent’s motion on notice in the latter court dated 26th April,. 1994 is hereby struck out. There is no order as to costs since the appellant’s expenses as provisional liquidator are chargeable to the funds of the respondent.

ISSUES

1. whether in view of the relevant provisions of CAMA and BOFID the appellant by virtue of its appointment has the power and legal standing to file a petition for the winding-up of the respondent.2. whether the respondent,  has the locus standi, after the appointment of the appellant as a Provisional Liquidator, to bring the motion to stay the proceedings in the petition filed by the appellant.?

RATIONES DECIDENDI

CASES CITED

Central Bank of Nigeria v. Kotoye (1994) 3 NWLR (Pt.330) 66

STATUTES REFERRED TO

Companies and Allied Matters Act, Cap. 59 Laws of the Federation of Nigeria, 1990Banks and other Financial Institutions Decree, 1991.”?

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