Farmart Produce & Shipping Line Ltd V. Establishment De Commerce General (1971)

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MADARIKAN JSC 

On the 2nd August, 1968, Messrs. Establishment de Commerce General (hereinafter referred to as the petitioner) filed a petition in the Lagos High Court (Suit No. M/122/68) which read:

“The humble Petition of Your Lordship’s Petitioner, Messrs. Establishment de Commerce General, a financing company, registered in Switzerland and having its registered office at No. 9490 Vaduz, Herrengasse 247, Fursterntum Liechtenstein, through its solicitor, N.A.B. Kotoye of 20, Reclamation Road, Lagos aforesaid, showeth:-

1. That the Farmart Produce & Shipping Line Limited (hereinafter called “the company”) was incorporated on the 14th July, 1967 under the provisions of the Companies Act, Cap. 37 Laws of the Federation of Nigeria and Lagos (1958) as a private company limited by shares.

2. That the registered office of the company is situated at 23/25 Martins Street, Lagos.

3. That the nominal capital of the company is £3,000 divided into 3,000 shares of £1 each.

4. That the objects for which the company was established are among others, as follows:-

(a) To construct, hire, purchase and work steamships and other vessels of any class, and to establish and maintain lines or regular services of steamships or other vessels.

(b) To carry on the business of transport and haulage contractors.

(c) To buy, sell, import, prepare for market, and otherwise deal in all goods, produce, articles, chattels, commodities and things capable of being advantageously dealt with in connection with the above-mentioned business.

5. That the amount of paid-up capital so far as can be ascertained is £1,250 representing 1,250 £1 shares allotted to the petitioner.

6. That the petitioner is a shareholder of the company and owns 1,250 £1 shares which have been fully paid.

7. That there are only three shareholders of the company namely Olusegun Ayoade Aderogba (hereinafter referred to as Mr. Aderogba) who owns 1,550 £1 shares, Alhaji Buraimoh Ashiru who owns 200 £l shares and the petitioner.

8. That the said Olusegun Ayoade Aderogba was by the Articles of Association of the company appointed the managing director of the company.