The Supreme Court of Nigeria has decided in favour of Mr. Bernard Ojeifo Longe, former CEO of First Bank plc who challenged his removal from the board and sack as chief executive of the bank eight years ago.
The Supreme Court of Nigeria in a landmark ruling today reinstated him as Managing Director/Chief Executive of the bank.
In a 28-page unanimous ruling read by lead justice, George Oguntade, the court agreed that Mr. Longe’s sack violated the provisions of section 266 (1) and (2) of the Companies and Allied Matters Act, (CAMA).
The court was of the opinion that Longe was sacked without notification and ruled that the board of directors was wrong to have held a meeting where he was sacked without letting him know.
The Supreme Court thereby ruled that any decisions taken at the meeting was illegal and null and void.
The management of First Bank of Nigeria Plc (FBN) justified its decision to sack Mr. Longe, saying his official misconduct in the 2001 $111.7 loan he granted Investors International London Limited (IILL) in the botched acquisition of 51 per cent equity in Nigeria Telecommunication Limited (NITEL) was the reason why he was removed from office. – The WILL