In his ruling on an ex-parte application filed by the former Managing Director, Finbank, Okey Nwosu and an erstwhile Executive Director of the bank, Dayo Famoroti, Okeke restrained the two banks from altering the shareholding structure of Finbank in favour of FCMB.
The orders are to subsist pending the hearing and determination of the suit fixed for May 26, 2011.
The Central Bank of Nigeria (CBN) had directed all banks operating in the country to divest from non-banking activities effective May 14, 2012, and concentrate on core banking businesses.
Nwosu and Famoroti were among top bank chiefs removed by the Governor of the CBN, Lamido Sanusi, in the wake of the banking reforms embarked upon by the current management of the apex bank.
But in the fresh suit, Nwosu and Famoroti are challenging the propriety of the MoU signed by Finbank and FCMB without recourse to them as shareholders of Finbank.
Justice Okeke also fixed May 26 for hearing of the motion on notice for interlocutory injunction.
Daniel said the committee is mandated to review the CBN’s divestment directive on bank-owned insurance companies; identify risk and challenges in the implementation of the divestment from the perspective of policyholders protection and corporate governance; prescribe measures that NAICOM can put in place to avoid or mitigate the impact of any identified risk; and recommend any other measures that will be necessary in the implementation of the divestment in the interest of the growth of the Nigerian insurance industry.
Mr. Lanre Laoshe, who sponsored the Insurance Act 2003, is chairman of the committee, which has members drawn from Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE), insurance industry and the legal profession.
The committee is expected to submit its report on July 15, this year.
Nwosu and Famoroti had listed Finbank, its Managing Director, Suzanne Iroche and two Executive Directors of the bank — Adam Nuru and Omoruyi Iyamu — as co-defendants in the suit.
The list also included nine non-Executive Directors of Finbank –Theo Osanakpo, Iheanyichukwu Anyadiegwu, Agnes Ebubedike, E.O Ofobi, Ernest Oji, Aliyu Gafar, Opeyemi Oye, Lamba Zannah and Usman Umaru as well as FCMB and CBN.
The plaintiffs in the petition, which was brought pursuant to Rule 4 (A) (I) of the Companies Proceedings Rules, 1992 and Sections 310 and 311 of the Companies and Allied Matters Act, 2004, claimed that they were shocked to discover through newspaper publications that Finbank and FCMB had already signed an MoU for business combinations under the active supervision of the CBN without recourse to them as shareholders of Finbank.
The plaintiffs added that when they made further enquiry, they discovered that it had already been agreed under the said MoU that the entire capital base of Finbank would be cancelled, and that the bank will be dissolved without winding up.
Nwosu and Famoroti averred that they were illegally detained by the Economic and Financial Crimes Commission (EFCC) till date when they went to report at the Lagos office of the anti-graft agency in line with the conditions attached to the bail granted them by the Federal High Court in Lagos.
They further alleged that ever since taking over the affairs of Finbank, the CBN-appointed management had been running the bank in “an oppressive and illegal manner” without recourse to shareholders and their shares.
They are therefore urging the court to mandate Finbank directors and CBN to render the account of their dealings in the bank ever since they took over the day-to-day running of the bank.
They are also seeking an order restraining the respondents from disposing the investments and assets of Finbank, including but not limited to the business operations and affairs to FCMB or any other similar entity.
http://www.nigerianewstoday.com.ng/court-restrains-cbn-from-selling-finbank/
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