Court restrains CBN from selling off Intercontinental Bank’s assets

By Innocent Anaba

A Federal High Court  sitting in Lagos, yesterday, restrained the Central Bank of Nigeria, CBN, from selling or taking any step or further steps to dispose of  or  sell in any manner whatsoever, Intercontinental Bank Plc’s investments and other assets, including but not limited to the bank’s business, operations and affairs to Access Bank Plc.

Trial judge in the matter, Justice Okechukwu Okeke, also  restrained Access Bank by itself or through its agents, servants, officials, privies and/or  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  steps to acquire, buy or purchase and in/or any manner Intercontinental Bank’s business, operations and affairs and/or in any manner whatsoever have the shareholding structure  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.

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.

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  and 12 other directors, who are defendants by substituted service on the Company Secretary or any other officer of  Intercontinental Bank at the bank’s headquarters  at Intercontinental Plaza, Victoria Island, Lagos for such service to be deemed good and proper service.