By Innocent Anaba

LAGOS-A Federal High Court sitting in Lagos, weekend, restrained the Central Bank of Nigeria, CBN, and its Governor, Mallam Lamido Sanusi from removing Chief Osa Osunde as the Chairman of Afribank Nigeria Plc.

Trial judge in the matter, Justice James Tsoho, restrained the apex bank from enforcing a purported letter announcing the removal of Osunde, adding that he (Osunde) was at liberty to remain in office as a Director and Chairman of Afribank. 

The court further ruled that order will subsist pending the hearing and determination of a motion for interlocutory injunction by Osunde against his removal from office by the apex bank.

The CBN in its letter dated 12 May 2011, had announced the withdrawal Osunde as a Director and Chairmen of the bank. But dissatisfied by his removal the suit against CBN, Sanusi and Afribank.