BINEZ HOTELS LIMITED v. BUREAU OF PUBLIC ENTERPRISES & ANOR

SUPREME COURT

(OGUNWUMIJU; JAURO; SANKEY; OGBUINYA; UMAR: JJ.SC)

Binez Hotels Limited (“the Appellant”) acting through Future View Securities Limited (“the 2^nd Respondent”) entered into an agreement to purchase 13,000,000 ordinary shares in Nigerian Cement Company Nkalagu Plc, representing 10% of the company’s issued share capital, for the sum of ₦7,020,000.00. The shares were owned by the Federal Government of Nigeria and were listed on the Nigerian Stock Exchange. Following the Appellant’s payment by cheque, Bureau of Public Enterprises (“the 1^st Respondent”) conveyed the approval of the transaction by the National Council on Privatisation, indicating that the sale had received the requisite governmental approval.

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Attachment	Size
CASE DIGEST – A VALID SHARE SALE IS INCOMPLETE WITHOUT EXECUTION OF THE SHARE TRANSFER INSTRUMENT AND REGISTRATION OF THE TRANSFEREE	13.3 MB