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Hearing in bank shareholders’ appeal starts

Category: Mergers & Aquisitions

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Hearing in bank shareholders’ appeal starts


October 10, 2011    
LAGOS – The legal battle between some shareholders of Union Bank Plc, Finbank Plc, Intercontinental Bank Plc, Afribank Plc and the Central Bank of Nigeria, CBN, over the take-over of their banks and in some cases, sale of their banks to other banks even when there are pending cases in court challenging the propriety of the take-over of the banks will start from tomorrow at the Court of Appeal, Lagos.
In the case of Bank PHB Plc, the affected shareholders are challenging plans by CBN to sell their bank to Habib Bank of Pakistan, while for Union Bank, they are challenging plans to sell their bank to African Capital Alliance, ACA.
It will be recalled that recently, one the banks, taken over in 2009 and two others, were renamed.
The banks affected include: Afribank Plc, Bank PHB and Spring Bank Plc, and renamed Mainstreet Bank Ltd., Keystone Bank Ltd. and Enterprise Bank Ltd, respectively.
Shortly after the August 14, 2009 sack of the management and board of some of these banks, some of the sacked chief executives, board members and shareholders headed to court, challenging the take over their banks.
They had contended that CBN, which claimed it acted on a report of its committee, did not allow them (sacked management) to respond to issues and allegations raised in the report before they were removed.
Source: Vanguard/ BY INNOCENT ANABA

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