March 31, 2023
Delivering judgement on Friday, Justice Lewis-Allagoa ruled that the transfer of Arik Air Limited assets to the 3rd Defendant and/or 5th Defendant by the 1st Defendant was done in bad faith and “a violation of the 1st Defendant's fiduciary duty to Arik air Limited as a whole as imposed by Section 553 of the Companies and Allied Matters Act 2020.”
“That a Declaration is made that by transferring or attempting to transfer Arik Air Limited assets to the 3rd Defendant and/or 5th Defendant, the 1st Defendant did not act in the best interest of Arik Air Limited as a whole and thereby failed in his duty to act in accordance with Section 553 of the Companies and Allied Matters Act 2020.
“That a Declaration is made that the 2nd Defendant is vicariously liable for the acts of the 1st Defendant. That a Declaration is made that in spite of the appointment of th 1st Defendant as Receiver/Manager of Arik Air Limited, the organs of Arik Air Limited including directors and shareholders subsist.
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Mr Jimoh