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OWENA BANK (NIGERIA) PLC VS NIGERIAN STOCK EXCHANGE LIMITED

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OWENA BANK (NIGERIA) PLC VS NIGERIAN STOCK EXCHANGE LIMITED

Legalpedia Citation: (1997) Legalpedia (SC) 29061

In the Supreme Court of Nigeria

Fri Jul 4, 1997

Suit Number: SC. 86/1996

CORAM


BELGORE JUSTICE, SUPREME COURT

OGUNDARE JUSTICE, SUPREME COURT

MICHEAL EKUNDAYO OGUNDARE, JUSTICE, SUPREME COURT

ONU JUSTICE, SUPREME COURT


PARTIES


OWENA BANK (NIGERIA) PLC APPELLANTS


RESPONDENTS


AREA(S) OF LAW



SUMMARY OF FACTS

The appellant/plaintiff sought an interim order of injunction against the respondent/defendant at the Federal High Court. The Court granted the application. The respondent applied to the Court of Appeal for   leave to appeal, as an interested party against a ruling delivered by Audu Kafarati, J. of Federal High Court. Lagos. It was granted. The appellant appealed to this Court being dissatisfied.


HELD


It is for the above reasons I announced that this appeal had succeeded and I allowed it. The respondent has no legally recognisable interest to be granted leave to appeal as an interested party from the ruling of Abdu-Kafarati, J. Secondly, the order of the Court of Appeal which granted the respondent extension of time within which to seek leave to appeal, leave to appeal and extension of time to appeal is hereby set aside. The motion filed by the respondent on 13th March, 1996 is hereby struck out. The appellant is entitled to the cost of this appeal which I assess at N1,000.00


ISSUES


Whether the applicant is a person having an interest within the meaning and intendment of Section 222(a) of the Constitution 1979 and entitled to appeal against the Ex-parte Order of the 23rd of February,1996If the answer to (a) is in the affirmative whether the Court of Appeal was competent to grant the applicant’s application having regard to the reliefs sought for by the applicant.Whether the Court below was right in coming to a decision without first recording and considering the objections and opposition of the appellant


RATIONES DECIDENDI


WHERE WORDS OF A STATUTE ARE CLEAR AND UNAMBIGUOUS


The rule of construction of statutes is that they should be construed according to the intent of the legislature which promulgated the Act. If the words of the statute are in themselves precise and unambiguous then no more can be necessary than to expound those words in the natural and ordinary meaning. Per MOHAMMED JSC


CASES CITED


Chief Obafemi Awolowo v. Alhaji Shehu Shagari & 2 Ors. (1979) All NLR 120Tunde Oshunrinde v. Olujemi Akande, Appeal No. CA/L/44/85Odofin v. Agu (1992) 3 NWLR (Pt. 299) 350Obayagbona v. Obazee (1972) 5 S.C. 247.


STATUTES REFERRED TO


Securities and Exchange Commission Decree No. 29 of 1988The Securities and Exchange Control Act Cap. 406 Laws of the Federation of Nigeria, 1990.


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