Facts:

Eko Hotels Limited was incorporated in 1972 as a private limited liability company with the appellant, Lagos State Government holding majority shares of 51% in the fully paid and issued capital while the 2nd respondent, OHA Limited owned 49% thereof. In 1997 the Military Governor of Lagos State and the Secretary to the Military Government by a Share Purchase Agreement disposed of 26% of the total number of shares owned by the appellant in the respondent, Eko Hotels Ltd by sale to the 2nd respondent OHA Limited. By the said sale transaction the appellant became a minority share-holder while the 2nd respondent replaced the appellant as the majority shareholder in the 1st respondent. The new civilian elected Government of Lagos State in exercise of the powers conferred on the Governor by Section 1 of the Tribunal of Inquiry Law, (Cap 190), Laws of Lagos State of Nigeria 1994, constituted a standing Tribunal of inquiry into the sale and acquisition of the appellant’s shares by determining the regularity or otherwise of the sale. A serving Judge Hon. Ayo Phillips (Mrs.) was appointed Chairman.