Appeal Court To Decide Intercontinental Bank Fate in 2012

 The former CEO of the bank, Erastus Akingbola, is appealing a High Court ruling that the institution be sold to Access Bank

Oct 12, 2011 – Appeal Court To Decide Intercontinental Bank Fate in 2012

The Court of Appeal in Lagos, on Tuesday, fixed February 20, 2012, for hearing in the appeal filed by the former managing director of Intercontinental Bank Plc, Erastus Akingbola, against the planned sale of the bank

Akingbola and Bayo Dada, a former executive director of the bank, appealed against the ruling of the Federal High Court in Lagos which dismissed their suit challenging the planned sale of the bank to Access Bank.

Justice Okechukwu Okeke had on June 14 dismissed the suit filed by the former directors on the ground that it was statute barred and belated.

The appellants had challenged the propriety of a Memorandum of Understanding (MOU) for business combination signed by Intercontinental Bank and Access Bank without recourse to them as shareholders and former directors of the bank.

They asked the appellate court to stop the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido, from liquidating or revoking Intercontinental Bank’s licence.

The duo also asked the appellate court to restrain the CBN from withdrawing Inter-Continental’s inter-bank guaranty pending the determination of the appeal.

At the resumed hearing of the appeal on Tuesday, Justice Helen Ogunwumiju ordered the appellants to compile records of their appeal and transmit them to the court within 14 days.

She said the respondents would have 20 days each to reply to the appellants’ notice of appeal.

She consequently adjourned the matter after counsel for the appellants, Onyebuchi Aniakor, and the defencee, Kola Awodein, had agreed that the substantive issues should be heard first.(Daily Times)