Facts:

In June 2001, the directors of Calabar Cement Company Limited were by a special resolution authorized to present a petition for the voluntary winding-up of the company at the Federal High Court, Calabar. The petition was duly presented for the winding up of the company subject to the supervision of the court. Upon the application of the shareholders, the respondent, Mr. Gershom Davis was appointed by the court as provisional liquidator of the company subject to the terms of reference annexed to the application. When the affairs of the company were fully wound up, a final general meeting was held in which the account of the liquidation exercise was laid before the members.

Sometime in October 2003, the respondent received a letter from the appellant, Corporate Affairs Commission intimating the respondent of its intention to verify the records of the liquidation exercise. On the 3rd of November 2003, representatives of the appellant appeared at the respondent’s office and demanded that all the vouchers, receipts, bank statements and other books of accounts in respect of the liquidation exercise be produced for their inspection.