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LMC Formation Fraudulent- Supreme Court 

by Newstimesafrica
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Dikko

 

Nigeria’s apex court, the Supreme court has declared the formation of League Management Company (LMC), the company that currently runs the Nigeria professional football  League as an aberration and deceit.

In a land Mark judgement,  the Supreme court said the LMC was fraudulently floated to avoid and evade pre existing debts and other obligations owed by the Nigeria Premier league Limited that is mandated by law to run profession football league in Nigeria.

It also chastised the lower courts that declared the Nigeria Premier league Limited dead and pronounced it alive.

” It is curious that after the judgement of the lower court presided over by Justice Okorowo on the 24th of June 2016, the Nigeria Premier League Limited received bank drafts to the tune of N244,000,000.00 (two hundred and fifty four million Naira) issued by Total Promotions Nigeria Limited which it took value in and subsequently transferred to Club owners.”

” Of not is that the judgement of Okorowo is not the dissolution order within the purview of the provisions of section 454 (1) of the company and allied matters act (CAMA).

( I must say straight  away that there is a World of difference between the winding up of a company and the dissolution of a company. A company dies when a court orders the dissolution of the company. The revocation of a company and order of court winding up, some does not indicate its death. A company under winding up proceededings has not died. It is still alive but perhaps sick”, the learned justices said.

They further said that indeed injustice had been done in this matter and ordered the LMC to pay the sum of three million Naira to the appellant.

It denounced the judgement of both the Federal High court and the appeal court.

The appellant is Emmanuel Oboh and Emmanuel Oboh and associates

The defendants/respondents are Nigeria Football League Limited, League Management Company Limited and First Bank of Nigeria PLC.

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