MAINSTREET BANK CAPITAL LTD & ANOR v. NIGERIA REINSURANCE CORP. PLC

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Facts:

The appellants as plaintiffs instituted an action at the Federal High Court against the respondent by way of originating summons. The appellants sought the determination of several questions relating to their shareholding status and rights in the respondent, and their right to participate in the management and meetings of the respondent. Upon being served with the summons, the respondent entered a conditional appearance to the suit and subsequently filed a preliminary objection challenging the jurisdiction of the court to entertain the suit.
In opposition, the appellants filed a counter affidavit and written address. The respondent reacted by filing a reply affidavit and reply address on points of law. The respondent also filed a counter affidavit and written address in opposition to the originating summons initially filed by the appellants. The preliminary objection and the originating summons were heard together without any objection. In a considered judgment, the learned trial Judge upheld the preliminary objection and struck out the suit. Dissatisfied with the decision of the trial Judge, the appellant appealed to the Court of Appeal.
In a considered judgment, the court allowed the appeal and set aside the judgment of the trial court. Further dissatisfied with the decision of the Court of Appeal, the appellant appealed to the Supreme Court seeking inter alia its determination on some parts of the judgment of the lower court declining to invoke its powers under Section 16 of the Court of Appeal Act to hear the originating summons on its merit.

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