The Court of Appeal, Lagos, on Tuesday reserved judgement in an appeal by former Managing Director of Intercontinental Bank, Erastus Akingbola, challenging revocation of the bank’s license by the Central Bank of Nigeria, CBN.
Mr. Akingbola is asking the appellate court to set aside the earlier ruling of a Federal High Court, which dismissed his suit, challenging the planned sale of Intercontinental Bank to Access Bank.
He wants the appellate court to restrain CBN from withdrawing InterContinental’s inter-bank guaranty, pending the determination of the appeal.
Justice Okechuwku Okeke of the lower court had dismissed a suit by Mr. Akingbola and a former executive director of Intercontinental Bank, Bayo Dada.
The suit was challenging a Memorandum of Understanding for business combination signed by their former bank and Access Bank.
Dissatisfied, Messrs. Akingbola and Dada appealed and insisted that CBN was wrong to have masterminded the signing of the said MoU without recourse to them as shareholders and former directors.
Arguing the appeal on Tuesday, counsel to Mr. Akingbola, Onyebuchi Aniakor, urged the appellate court to allow the appeal and set aside the judgement of the lower court.
The appellants in their amended Notice of Appeal contended that the lower court erred in law when it adjudged the suit as an abuse of court process.


The appellants insisted that Justice Okeke made fundamental error in concluding that the letter in which Mr. Dada was removed as director, was not tendered, adding that the action occasioned substantial prejudice to them.
He urged the court to hold that given the provision of section 36 of the 1999 constitution, the governor of Central Bank of Nigeria or any other body cannot validly direct the appellants to cease to serve as directors of the bank.
The appellants urged the court to order the respondents jointly and severally to render account of their dealings in the affairs of the Bank.
They also urged the court to nullify all steps, decisions taken by the respondents in the affairs of the bank from August 14, 2009 till date.
After listening to parties in the matter, the 3-member panel, led by Justice Mohammed Lawal Garuba, reserved its judgement.
The lower court had held that the suit was an abuse of court process, as there was a similar suit by other interested parties on the same subject matter.
The lower court also held that the suit was status barred, as the suit was challenging an action carried out as far back as August 14, 2009, when Mr. Sanusi removed some bank chiefs.
Meanwhile, the appellate court has reserved judgment till a date that will be communicated to parties.

http://www.premiumtimesng.com/business/business-interviews/214802-appeal-court-reserves-judgment-suit-challenging-sale-intercontinental-bank.html

samguru:
The Court of Appeal, Lagos, on Tuesday reserved judgement in an appeal by former Managing Director of Intercontinental Bank, Erastus Akingbola, challenging revocation of the bank’s license by the Central Bank of Nigeria, CBN.
Mr. Akingbola is asking the appellate court to set aside the earlier ruling of a Federal High Court, which dismissed his suit, challenging the planned sale of Intercontinental Bank to Access Bank.
He wants the appellate court to restrain CBN from withdrawing InterContinental’s inter-bank guaranty, pending the determination of the appeal.
Justice Okechuwku Okeke of the lower court had dismissed a suit by Mr. Akingbola and a former executive director of Intercontinental Bank, Bayo Dada.
The suit was challenging a Memorandum of Understanding for business combination signed by their former bank and Access Bank.
Dissatisfied, Messrs. Akingbola and Dada appealed and insisted that CBN was wrong to have masterminded the signing of the said MoU without recourse to them as shareholders and former directors.
Arguing the appeal on Tuesday, counsel to Mr. Akingbola, Onyebuchi Aniakor, urged the appellate court to allow the appeal and set aside the judgement of the lower court.
The appellants in their amended Notice of Appeal contended that the lower court erred in law when it adjudged the suit as an abuse of court process.


The appellants insisted that Justice Okeke made fundamental error in concluding that the letter in which Mr. Dada was removed as director, was not tendered, adding that the action occasioned substantial prejudice to them.
He urged the court to hold that given the provision of section 36 of the 1999 constitution, the governor of Central Bank of Nigeria or any other body cannot validly direct the appellants to cease to serve as directors of the bank.
The appellants urged the court to order the respondents jointly and severally to render account of their dealings in the affairs of the Bank.
They also urged the court to nullify all steps, decisions taken by the respondents in the affairs of the bank from August 14, 2009 till date.
After listening to parties in the matter, the 3-member panel, led by Justice Mohammed Lawal Garuba, reserved its judgement.
The lower court had held that the suit was an abuse of court process, as there was a similar suit by other interested parties on the same subject matter.
The lower court also held that the suit was status barred, as the suit was challenging an action carried out as far back as August 14, 2009, when Mr. Sanusi removed some bank chiefs.
Meanwhile, the appellate court has reserved judgment till a date that will be communicated to parties.

http://www.premiumtimesng.com/business/business-interviews/214802-appeal-court-reserves-judgment-suit-challenging-sale-intercontinental-bank.html

Na Thief akingbola own d bank?

He wants to wetin?...Intercontinental Bank nah still bank name?

Ehh

After how many years, when Access Bank has taken over fully, after 7years he now realised that he was rubbed or what.

That's bull shit. Who does that? The court will always adjoin the case, given room for lobby.



Akingbola who u epp sef?

Bring back my Intercontinental Bank.... I hate Access bank and their dubious charges.

This man get mind o, after all the money wey him thief him still d show for public.

kay

Make I book my own space. Comments later. But I knew that Sanusi would be mentioned in the write up.

Do customers need to be worried? ,cos na that one concern me inside o

Judgment will be given in his favour, cos he was rubbed of wat was rightly his

Is he from Ekiti?

This is getting interesting.

mmm all the way

Erastus

funny man

God help him

It's not in doubt that Intercontinental sale was pay back From Mallam Sanusi to a foe (Akingbola),
It's not equally in doubt, that just like most Bank CEOs, Akingbola duped depositors.

However, let the law take its course. Return a man's lifetime investments to him and put stringent measures to prevent sharp practices of Bank CEOs that's still ongoing.

#myKobo

Ok

Ah! Very bad wrong move!!! Is this the right time for Akingbola to come out from his hides? Am really sorry for this man. He's like Patient Jonathan that sued the EFCC for the offence she committed. This is the Bubu's time, this is not the best time for such error move. If you know him, warn him abeg.

dunno much abt banking though or how will i be in charge of a bank and things done without my consent

shame on him

polite2:
Judgment will be given in his favour, cos he was rubbed of wat was rightly his

THANK YOU VERY MUCH, FOR YOUR RATIONAL AND OBJECTIVE THINKING.

A

Campaign after election

Interesting, afonjas will be right here in a short period of time

What the hell took him so long! I want the case re-investigated!!!

Perfect Timing? Sanusi gone, Judges more circumspect

I thought the headline says he filed a suit ti recover Savanna Bank and i was ready to go dust down my cheque book.


Goes back to sleep