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NATURE OF FIDUCIARY RELATIONSHIP AND AGENCY

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An agency is a fiduciary relationship said to be created when a person (principal) gives authority to another (agent) to act on his behalf and the agent accepts to act on the authority. The authority may be express or implied. This relationship is usually not determined by the terminology used by the parties to describe their relationship but on the nature of their agreement and the circumstances of the relationship between parties. See Bayero v. Mainasara and Sons Ltd (2006) LPELR-7587 CA; (2006) 8 NWLR (Pt. 982) Pg. 391; Upkanah v. Ayaya (2010) LPELR-8590 (CA). An agency can be created by any of the following; 1. Agreement whether formal or not between the parties. 2. Ratification by the principal of the acts done on his behalf. 3. Operation of law under the doctrine of necessity. See Niger Progress Ltd v. N.E.L. Corp (1989) NWLR (Pt. 107) 68; (1989) LPELR-1996 (SC) 33; Edem v. Canon Balls Ltd and Anor (2005) 12 NWLR (Pt. 938) 27; (2005) LPELR-1007 (SC); (2005) 6 S.C (Pt. II) 16; Ukpanah v. Ayaya (Supra).

— H.M. Ogunwumiju, JCA. Godwin Ukah & Ors. V. Christopher A. Onyia & Ors. (CA/E/295/2008, 21 Jan 2016)

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DISCLOSURE TO SELF IS NO DISCLOSURE

“Disclosure” is not the most appropriate word to use when a person who plays many parts announces to himself in one character what he has done and is doing in another. To talk of disclosure to the thing called the company, when as yet there were no shareholders, is a mere farce. To the intended shareholders there was no disclosure at all.

— Lord Macnaghten. Gluckstein v. Barnes [1900] A.C. 240