{"id":380300,"date":"2011-04-14T04:00:54","date_gmt":"2011-04-14T04:00:54","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/14\/court-stops-move-to-take-over-union-bank\/"},"modified":"2011-04-14T04:00:54","modified_gmt":"2011-04-14T04:00:54","slug":"court-stops-move-to-take-over-union-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/14\/court-stops-move-to-take-over-union-bank\/","title":{"rendered":"Court stops move to take over Union Bank"},"content":{"rendered":"
\n

\u00a0By Abdulwahab\u00a0 Abdulah<\/strong><\/p>\n

LAGOS\u00a0– A Federal High Court sitting in Ikeja, has stalled the planned acquisition of the Union Bank of Nigeria Plc by a proposed core investor, Messrs African Capital Alliance Consortium, the proposed core investor.<\/p>\n

The court\u00a0 restrained the consortium from proceeding with the transaction.<\/p>\n

In an interim injunction granted against the consortium, following an ex-parte application\u00a0 by Union Bank of Nigeria Pensioners Association, who currently holding 1,200,000 units, Justice Steven Adah\u00a0 ordered the defendant, (Union Bank) to put on hold any transactions on the planned acquisition until the determination of the substantive case before the court.<\/p>\n

The move to recapitalise the bank through the core investor, according to the plaintiffs, without following\u00a0 the laid down procedure as stipulated in its Memorandum and Article of Association, necessitated their move to stop the planned acquisition.<\/p>\n

The pensioners argued that they were not properly brought into the proceedings and transaction leading to the planned acquisition.<\/p>\n

Ruling on the ex-parte application\u00a0 by the pensioners, which was\u00a0 argued by their lawyer, Femi Falana,\u00a0 Justice Adah stopped the acquisition in an interim order granted, yesterday.<\/p>\n<\/p><\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

See the article here:
\nCourt stops move to take over Union Bank<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0By Abdulwahab\u00a0 Abdulah LAGOS\u00a0– A Federal High Court sitting in Ikeja, has stalled the planned acquisition of the Union Bank of Nigeria Plc by a proposed core investor, Messrs African Capital Alliance Consortium, the proposed core investor. The court\u00a0 restrained the consortium from proceeding with the transaction<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380300","post","type-post","status-publish","format-standard"],"yoast_head":"\nCourt stops move to take over Union Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/14\/court-stops-move-to-take-over-union-bank\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Court stops move to take over Union Bank - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"\u00a0By Abdulwahab\u00a0 Abdulah LAGOS\u00a0- A Federal High Court sitting in Ikeja, has stalled the planned acquisition of the Union Bank of Nigeria Plc by a proposed core investor, Messrs African Capital Alliance Consortium, the proposed core investor. 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