Facts:

NIB Investment (West Africa) established an insurance brokering firm called Glanvill Enthoven & Company (Nig.) Ltd in 1957, in conjunction with National Bank of Nigeria. After the promulgation of the Nigeria Enterprises promotion Decree 1976, which required Nigerians to hold at least 60% of an insurance business the company’s shareholding was re-structured and allotted. Following the restructuring the shareholders were entitled to appoint directors in varying numbers by share qualification.

Consequently, the appellant and plaintiff in the trial court – NIB Investment (West Africa) became the holder of 28% of the equity in the 6th Respondent Company.