DANIEL OFORI vs. ECOBANK GHANA LIMITED

The case concerns a dispute over the ownership and sale of 14,130,000 shares in Cal Bank Ltd. William OppongBio instructed Databank Brokerage Ltd and Ecobank Ghana Limited (1st Defendant) to purchase these shares from the Plaintiff, Daniel Ofori, who held the shares on behalf of others. A loan facility was obtained to finance the purchase. The Bank of Ghana suspended the transaction due to anti-money laundering investigations, leading to cancellation of payments and loan. The Securities and Exchange Commission directed that the shares remained the Plaintiff's property. The Plaintiff sued Ecobank and others claiming entitlement to the purchase price. The High Court and Court of Appeal dismissed the Plaintiff's claims, but the Supreme Court upheld the Plaintiff's appeal in 2018. Subsequent proceedings involved disputes over interest calculations and multiple applications for review and motions by the parties.

RULING MAJORITY OPINION DOTSE JSC:- On the 29th day of November, 2022, this court by a 4-3 majority decision, Yeboah CJ, Baffoe-Bonnie and Pwamang JJSC dissenting, dismissed the objections raised by the Plaintiff against 1st Defendants review application in Suit No. J8/25/2022. We now proceed to give reasons for the said decision. By an order of this court, dated 6th July 2022, two pending applications listed as Civil Motion No. J7/01/2022 filed by 1st Defendants herein on 26th October 2022 and J8/25/2022 filed by Plaintiff on 12th November 2022 pending before the court were consolidated, as follows:- Civil Motion No. J7/01/2022 “This application is by the 1st Defendant/Respondent/Respondent/Applicant, hereafter referred to as 1st Defendants, seeking a review of this court’s decision dated 13th July 2021.” Civil Motion J8/25/2022 This Application will be referred to as “Application to strike out review motion” and was filed at the instance of Plaintiff. FACTS G...