{"id":433752,"date":"2011-06-01T01:36:21","date_gmt":"2011-06-01T01:36:21","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/01\/court-restrains-cbn-from-selling-off-intercontinental-bank%e2%80%99s-assets\/"},"modified":"2011-06-01T01:36:21","modified_gmt":"2011-06-01T01:36:21","slug":"court-restrains-cbn-from-selling-off-intercontinental-banks-assets","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/01\/court-restrains-cbn-from-selling-off-intercontinental-banks-assets\/","title":{"rendered":"Court restrains CBN from selling off Intercontinental Bank\u2019s assets"},"content":{"rendered":"<div readability=\"73\">\n<p><strong>By Innocent Anaba<\/strong><\/p>\n<p>A Federal High Court\u00a0 sitting in Lagos, yesterday, restrained the Central Bank of Nigeria, CBN, from selling or taking any step or further steps to dispose of\u00a0 or\u00a0 sell in any manner whatsoever, Intercontinental Bank Plc\u2019s investments and other assets, including but not limited to the bank\u2019s business, operations and affairs to Access Bank Plc.<\/p>\n<p>Trial judge in the matter, Justice Okechukwu Okeke, also\u00a0 restrained Access Bank by itself or through its agents, servants, officials, privies and\/or\u00a0 any of its associated company or companies or subsidiaries, whether directly or through any special or other purpose vehicle for howsoever, from acquiring or taking\u00a0 steps to acquire, buy or purchase and in\/or any manner Intercontinental Bank\u2019s business, operations and affairs and\/or in any manner whatsoever have the shareholding structure\u00a0 of the bank altered in favour under and pursuant to the purported Memorandum of Understanding, MoU said to have been executed or to be executed on behalf of Intercontinental Bank and Access Bank.<\/p>\n<p>The order, according to the court, will subsist pending the hearing and determination of a motion on notice for orders of interlocutory injunction by former Managing Director of the bank, Dr. Erastus Akingbola and Mr. Bayo Dada.<\/p>\n<p>The court further ordered service of the originating summons and other processes in the suit on the Managing Director of Intercontinental Bank, Mr. Mahmoud Alabi\u00a0 and 12 other directors, who are defendants by substituted service on the Company Secretary or any other officer of\u00a0 Intercontinental Bank at the bank\u2019s headquarters\u00a0 at Intercontinental Plaza, Victoria Island, Lagos for such service to be deemed good and proper service.<\/p>\n<\/div>\n<p>Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n<p>More here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.vanguardngr.com\/2011\/06\/court-restrains-cbn-from-selling-off-intercontinental-banks-assets\/\" title=\"Court restrains CBN from selling off Intercontinental Bank\u2019s assets\" rel=\"noopener noreferrer\">Court restrains CBN from selling off Intercontinental Bank\u2019s assets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Innocent Anaba A Federal High Court\u00a0 sitting in Lagos, yesterday, restrained the Central Bank of Nigeria, CBN, from selling or taking any step or further steps to dispose of\u00a0 or\u00a0 sell in any manner whatsoever, Intercontinental Bank Plc\u2019s investments and other assets, including but not limited to the bank\u2019s business, operations and affairs to Access Bank Plc. <\/p>\n","protected":false},"author":0,"featured_media":433753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-433752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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