Facts:

The plaintiffs/claimants are Nigerian shareholders of Nigerian American Merchant Bank the 6th defendant bank. They filed an action in Federal High Court Lagos against the 1st, 2nd, 4th, 5th and 6th respondents challenging the decision of the Bank of Boston and Boston Overseas Financial Corporation (1st and 2nd respondents) to divest themselves of their 40 per cent shareholding in the 6th respondent Bank i.e. N200,000,000.00 Million by way of gift.

The plaintiffs are aggrieved that 20% of those 40% shares went to the 4th respondent herein who prior to that time was the claimant and a shareholder of 6th respondent Bank; that 5% went to the Managing Director i.e. the 5th respondent who prior to that time was not holding any share in the 6th respondent and 15% was given to all the other shareholders including the present plaintiffs.

Thereafter 1st 2nd, 4th and 6th respondents pursuant to sections 4 and 5 of the Arbitration Act filed a Motion on Notice seeking for an order to strike out that suit or stay further proceedings of that suit pending reference of the dispute between the parties to Arbitration as provided in Article 16 of the Shareholders Agreement.