Picture: Court adjourns rulings on Akingbola, Dada

Posted by admin EFCC Politics, Latest Politics Friday, June 10th, 2011

A Federal High Court sitting in Lagos, yesterday, adjourned till June 14, to rule on the suit filed by the former Managing Director of Intercontinental Bank, Erastus Akingbola and an erstwhile Executive Director of the bank, Bayo Dada challenging the planned sale of their former bank to Access Bank Plc.

Mr Eratus Akingbola, former Manaiging Director of Intercontinental Bank Plc, and security officers, leaving the court after the hearing of the case between him and EFCC on Monday 06-06-2011 at the Ikeja High Court, Lagos PHOTO; Bunmi Azeez

Similarly, another Federal High Court, also adjourned till June 21, to rule on the suit by the former Managing Director of Finbank, Okey Nwosu and an erstwhile Executive Director of the bank, Dayo Famoroti, in which they are challenging plans by the CBN to sell their former bank to First City Monument Bank, FCMB.

In the Intercontinental bank suit, trial judge in the matter, Justice Okechukwu Okeke adjourned the matter, after parties argued and adopted their written submissions on the preliminary objections filed by the defendants.

Akingbola and Dada are challenging the propriety of a purported Memorandum of Understanding, MoU, for business combination signed by Intercontinental Bank and Access Bank without recourse to them as shareholders and members of the bank (Intercontinental).

Defendants in the suit are Intercontinental Bank, its Managing Director, Mahmoud Lai Alabi and other directors, Abubakar Sule, Gbenga Alade, Olusegun Osilowo, Suleiman Yusuf, the Central Bank of Nigeria, CBN, among others.wp_posts