CORAM
ANTHONY NNAEMEZIE ANIAGOLU, JUSTICE, SUPREME COURT
KAYODE ESO, JUSTICE, SUPREME COURT
BOONYAMI OLADIRAN KAZEEM, JUSTICE, SUPREME COURT
CHUKWUDIFU AKUNNE OPUTA, JUSTICE, SUPREME COURT
SAJDU KAWU , JUSTICE, SUPREME COURT
PARTIES
OILFIELD SUPPLY CENTRE LIMITED
APPELLANTS
JOSEPH LLOYD JOHNSON
RESPONDENTS
AREA(S) OF LAW
WINDING UP-COMPANY LAW-EQUITY
SUMMARY OF FACTS
The respondent instituted a winding up Proceedings to wind up the appellant company, it was followed by an application by the appellant for striking out of the petition which was dismissed. An appeal to the court of appeal also suffered dismissal, hence this present appeal.
HELD
Dismissing the appeal
ISSUES
Whether or not it has been proved conclusively that the Petitioner/Respondent paid for the shares allotted to him.
RATIONES DECIDENDI
COMPANY LAW
Mere allotment of shares to a person by a company does not make that person a shareholder of that company. Per Eso JSC
EQUITY
Equity takes pity but only on the clean. If you seek equity, the search must be with clean hands. Equity therefore does not, because it exists on taking pity, exist to be taken or a ride. It is a pity that does contain fire in it. Per Eso JSC
CASES CITED
STATUTES REFERRED TO
Companies Act 1968, No. 51