DANIEL OFORI vs. ECOBANK GHANA LIMITED SECURITIES AND EXCHANGE COMMISSION, GHANA STOCK EXCHANGE

The dispute arose from a transaction involving 14,130,000 shares in Cal Bank Ltd owned by the Plaintiff, Daniel Ofori. William OppongBio instructed Databank Brokerage Ltd and Ecobank Ghana Limited to purchase these shares. A loan facility was obtained to finance the purchase. The Bank of Ghana suspended the transaction due to anti-money laundering investigations. The shares were not consummated and remained the Plaintiff's property. The Plaintiff sued Ecobank and others claiming ownership and 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 disputes arose regarding interest payments and the Plaintiff's receipt of dividends on the shares during ongoing appeals.

RULING MAJORITY DECISION AMADU JSC:- 1. My Lords, the trajectory of this case as disclosed by the record before me has once again brought to the fore the policy of the law expressed in the Latin maxim; interest reipublicae ut sit finis litium meaning, “it concerns the State that lawsuits be not protracted”. The dispute between the respondent and the applicant has seen a litany of applications even after substantive judgment by this Court which is the final Court of appeals in this Republic. This fact was acknowledged by my revered brother, Dotse JSC, who authored the opinion of the minority of the ordinary bench in the ruling in Civil Motion No. J5/54/2021 dated 13th July, 2021 that is sought to be reviewed by the present proceedings. In the opinion His Lordship remarked as follows; “This case has evinced unprecedented post judgment/review applications more than in any other case in my 13 years experience on the Supreme Court Bench.” 2. The present review application is...