Court suspends Judgment on Sale of Intercontinental Bank

Mr. Erastus Akingbola, is challenging revocation of defunct Intercontinental bank license by CBN.

After listening to the parties in the matter, the three-member panel led by Justice Mohammed Lawal Garuba reserved its judgment.

Akingbola, asked the appellate court to set aside the earlier ruling of a Federal High Court in Lagos.

Recall that Akingbola’s suit was dismissed as he challenged the sale of Intercontinental Bank to Access Bank Plc.

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Akingbola wants the appellate court to restrain CBN from withdrawing Intercontinental’s inter-bank guaranty.

Justice Okechuwku Okeke had dismissed a suit by Akingbola challenging the MoU for a business combination defunct Intercontinental and Access Bank.

Dissatisfied with the judgment, Akingbola insisted that CBN was wrong to have masterminded the signing of the MoU.

He claims CBN did it without recourse to them as shareholders and former directors of Intercontinental Bank.

Arguing the appeal yesterday, Akingbola’s counsel urged the appellate court to set aside the judgment of the lower court.

The appellants contended that the lower court erred in law when it adjudged the suit as an abuse of court process.

He maintained that CBN could not have validly removed them as directors of Intercontinental without hearing them.

They urged the court to order the respondents to jointly and severally render account of their dealings in the affairs of the bank.

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They also urged the court to nullify all steps, decisions taken by the respondents in the affairs of the bank from August 14, 2009 to date.

The lower court also held that the suit was statute barred.

In other words, the suit was challenging an action carried out as far back as August 14, 2009, when Sanusi removed some bank chiefs.

If the Appeal court upholds the Federal court’s decision, Akingbola might head to the Supreme Court.