COURT OKAYS SALE OF INTERCONTINENTAL BANK

9 years ago by: Stan N. (Waco Janta)
-- (m) at 15-06-2011 08:40AM

(9995 | Hero)

Incase u are a staff of the mentioned bank
or u have some1 who works with the bank
pls pray hard for him or her not to be out
of job soon. This is because the Court yesterday
has approved the sale of Interconrinental bank to Acess bank.

Many may end up loosing their jobs! GOD HAVE M
ERCY.


                                                      SOURCE : VANGUARD 15/6/2011
          see below!

A Federal High Court in Lagos Tuesday cleared the way for Access Bank Plc to acquire Interconti-nental Bank Plc.

It dismissed the suit filed by the former CEO of Interconti-nental Bank, Mr. Erastus Akingbola, challenging the plans by the Central Bank of Nigeria (CBN) to sell the bank to Access Bank.

Akingbola and a former executive director of Intercontinental Bank, Mr. Bayo Dada, had filed the suit to challenge the propriety of a Memorandum of Understanding (MoU) for merger signed by Intercontinen-tal Bank and Access Bank without recourse to them as shareholders and former directors of the bank.

But ruling on the preliminary objections filed by the CBN, Justice Okechukwu Okeke held that the suit was an abuse of court process since there was an action already filed by other interested parties on the subject matter.

He added that the petitioners failed to issue a pre-action notice to the defendants before instituting the matter in court, which was a condition precedent for the suit to be justified.




                       



-- Mercies (f) at 15-06-2011 01:06PM
(585 | Upcoming)

heeeeee, should I go and witdraw my money there?Huh?
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