ABUJA—The Incorporated Trustees of Proactive Shareholders’ Association of Nigeria, Tuesday, asked a Federal High Court sitting in Abuja to void the recent nationalisation of some banks by the Central Bank of Nigeria, CBN.
The shareholders, alongside the Incorporated Trustees of Truth and Transparency Initiative, are praying the court to determine whether by the nation’s extant laws, CBN had powers to carry out such exercise in the absence of an Act of the National Assembly.
The plaintiffs joined 17 other defendants in the suit they entered at the court registry through their counsel, Mr. Nnodu Okeke, yesterday.
Other listed defendants in the suit were Afribank Plc, BankPHB, Spring Bank Plc, Mainstreet Bank Limited, Keystone Bank Limited, Enterprise Bank Limited, Mr. Gideon Agbedo, Mr. Benson Igbanoi and Mr. Barnabas Olowoselu.
Others were Mr. Falalu Bello, Mrs Faith Tuedor Matthew, Mr. Oti Ikomi, Mr. Emeka Onwuka, Mr. Ahmed Kuru and the Corporate Affairs Commission (CAC).
Specifically, the plaintiffs, in their originating summons, urged the court to determine whether the apex bank can nationalise other banks without consultation with the shareholders of such banks and whether it can transfer such nationalised banks to private individuals or companies formed by private individuals.
Besides, the shareholders want the court to determine whether the conversion of 2nd, 3rd, and 4th defendants to 5th, 6th and 7th defendants respectively is legal, as well as, whether in the event of nationalisation of a bank, the 1st defendant can choose whomsoever it desires as the directors of the bank without recourse to approval of the National Assembly.
They also want the court to determine whether the action of CAC in registering Shoko Chukin Limited, Resolution Limited, Kinki Osaka Custodian Limited which they said changed their names to or metamorphosed into 5th, 6th and 7th defendants respectively, was in accordance with the provisions of Section 27(2)(b) of the Companies and Allied Matters (CAMA).
Consequently, they are seeking a declaration that by the extant laws of the country, there is no provision for nationalisation of banks in Nigeria and that even if CBN could nationalise banks, it cannot be done by mere pronouncement, but by an Act of the National Assembly.
They want: “A declaration that the conversion of the 2nd, 3rd, and 4th defendants to 5th, 6th and 7th defendants respectively is illegal and that in the event on nationalisation of a bank, the 1st defendant cannot choose whomsoever it desires as directors of the bank without recourse to or approval of the National Assembly.
The shareholders also want: “An order setting aside the purported conversion of 2nd, 3rd and 4th defendants to 5th, 6th and 7th defendants respectively and also set aside the purported registration by CAC of the 5th, 6th and 7th defendants previously registered as Shoko Chukin Limited, Michi Noku Resolution and Kinki Osaka Custodian Limited respectively.
“An order that in the event of nationalization, the shareholders of the 2nd, 3rd and 4th defendants be represented on the board of the companies and that a reputable accounting firm which is agreeable to the shareholders or any other accounting firm which the court may deem fit should be appointed to audit the accounts of the 2nd, 3rd and 4th defendants from 2009 to date of judgment of the court and to submit their audited report within sixty days from the making of the order.”
As well as, an order of perpetual injunction, restraining the 1st defendant from changing the name of the 2nd, 3rd and 4th defendants to any name without the approval of the shareholders in a duly convened meeting of the companies.
The plaintiffs joined 17 other defendants in the suit they entered at the court registry through their counsel, Mr. Nnodu Okeke, yesterday.
Other listed defendants in the suit were Afribank Plc, BankPHB, Spring Bank Plc, Mainstreet Bank Limited, Keystone Bank Limited, Enterprise Bank Limited, Mr. Gideon Agbedo, Mr. Benson Igbanoi and Mr. Barnabas Olowoselu.
Others were Mr. Falalu Bello, Mrs Faith Tuedor Matthew, Mr. Oti Ikomi, Mr. Emeka Onwuka, Mr. Ahmed Kuru and the Corporate Affairs Commission (CAC).
Specifically, the plaintiffs, in their originating summons, urged the court to determine whether the apex bank can nationalise other banks without consultation with the shareholders of such banks and whether it can transfer such nationalised banks to private individuals or companies formed by private individuals.
Besides, the shareholders want the court to determine whether the conversion of 2nd, 3rd, and 4th defendants to 5th, 6th and 7th defendants respectively is legal, as well as, whether in the event of nationalisation of a bank, the 1st defendant can choose whomsoever it desires as the directors of the bank without recourse to approval of the National Assembly.
They also want the court to determine whether the action of CAC in registering Shoko Chukin Limited, Resolution Limited, Kinki Osaka Custodian Limited which they said changed their names to or metamorphosed into 5th, 6th and 7th defendants respectively, was in accordance with the provisions of Section 27(2)(b) of the Companies and Allied Matters (CAMA).
Consequently, they are seeking a declaration that by the extant laws of the country, there is no provision for nationalisation of banks in Nigeria and that even if CBN could nationalise banks, it cannot be done by mere pronouncement, but by an Act of the National Assembly.
They want: “A declaration that the conversion of the 2nd, 3rd, and 4th defendants to 5th, 6th and 7th defendants respectively is illegal and that in the event on nationalisation of a bank, the 1st defendant cannot choose whomsoever it desires as directors of the bank without recourse to or approval of the National Assembly.
The shareholders also want: “An order setting aside the purported conversion of 2nd, 3rd and 4th defendants to 5th, 6th and 7th defendants respectively and also set aside the purported registration by CAC of the 5th, 6th and 7th defendants previously registered as Shoko Chukin Limited, Michi Noku Resolution and Kinki Osaka Custodian Limited respectively.
“An order that in the event of nationalization, the shareholders of the 2nd, 3rd and 4th defendants be represented on the board of the companies and that a reputable accounting firm which is agreeable to the shareholders or any other accounting firm which the court may deem fit should be appointed to audit the accounts of the 2nd, 3rd and 4th defendants from 2009 to date of judgment of the court and to submit their audited report within sixty days from the making of the order.”
As well as, an order of perpetual injunction, restraining the 1st defendant from changing the name of the 2nd, 3rd and 4th defendants to any name without the approval of the shareholders in a duly convened meeting of the companies.
No comments:
Post a Comment