After three years of fierce legal battles, a Federal High Court in Abuja has ordered the Corporate Affairs Commission (CAC) to register Julius Berger Construction Company as sole shareholder of Primetech Design and Engineering Limited.
Justice Obiora Egwuatu issued the order on Tuesday in a judgement on a suit jointly instituted against the CAC by Julius Berger and Primetech Design and Engineering Company.
The judge declared as ultra vires, illegal, unlawful and unconstitutional, the refusal of CAC to admit Julius Berger as the sole shareholder of the Abuja company.
Justice Egwuatu said that the sections of the Company and Allied Matters Act (CAMA) relied upon by CAC to refuse the request for sole shareholder have already been repealed and therefore not binding on any organization in the country.
He, therefore, ordered the CAC to approve and accept the filing, the shares transfer instruments, pursuant to which Julius Berger became the sole shareholder of the Primetech.
The judge directed the CAC to immediately update its records to reflect Julius Berger as the sole owner of the company.
