SALE OF RESCUED BANKS: SHAREHOLDERS ASK COURT TO STOP CBN

The registered trustees of the Proactive Shareholders Association of Nigeria, of four out of the eight ailing banks, on Thursday, asked a federal high court sitting in Abuja to stop the Central Bank of Nigeria (CBN) and its governor, Mallam Lamido Sanusi, from selling the banks.

The plaintiff, through its counsel, Nnodu Okeke, was praying the court for an order of interlocutory injunction restraining the defendants by themselves, servants, agents or privies from selling, disposing of, and inviting bidders to buy any of the banks, pending the determination of the suit.

The CBN governor, Mallam Sanusi, had, earlier in the week, disclosed that eight banks, which were bailed out with N620 billion by the apex bank last year, would be handed over to new owners by the end of the month.

The CBN governor, who was reported to have said this during an interview on CNBC Africa TV, on Monday, noted that the apex bank had received bids for the affected banks from two foreign institutions and several local banks.

The banks include Oceanic Bank International; Intercontinental Bank Plc; Afribank Plc and Union Bank Plc.
Others are FinBank; Bank PHB; Spring Bank and Equatorial Trust Bank (ETB).

Okeke said the CBN must disclose the relevant laws that gave it the powers to sell the banks, adding that his organisation was in court to seek interpretations, based on the relevant provisions in the Banks and Other Financial Institutions Act (BOFIA) and Companies and Allied Matters Act (CAMA).

The shareholders were also praying the court to restrain the respondents from making statement or pronouncements capable of prejudicing the subject of the suit, pending its determination.

Advertisements

Contact Us…

Please send your Press Release/Articles/ Stories/Enquiries to: editor@newafricanpress.com

Views expressed herein are not necesarily that of  New African Press  but that of the individual writers. Facts and accuracies are the responsibilities of the authors. Please also note that some people may use pseudo names or generic emails, to which New African Press may not be able to verify. Therefore, an author’s identity should not be inferred on the basis of name, subject matter, or any other characterization presented here.

Pls leave your comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Disclaimer

This blog claims no credit for any images posted unless where otherwise stated. Images on this blog are copyright to its respectful owners. If there is an image appearing on this blog that belongs to you and you do not wish for it to appear on this site, please E-mail with a link to the image and it will be promptly removed.

%d bloggers like this: