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Bank PHB, Union bank shareholders appeal courts decision


Some shareholders of Bank PHB, have asked the Court of Appeal, Lagos, to restrain the bank, its current management and Central Bank of Nigeria, CBN, from going ahead with the sale of the bank to Habib Bank Limited of Pakistan, pending an appeal they filed, challenging a ruling of a Federal High Court, Lagos in the matter.

The shareholders, through their counsel, Onyebuchi Aniakor, dissatisfied with lower court decision, want the appellate court to stop the defendants, jointly and severally whether by themselves or through their agents, servants, officials from taking steps to dispose off in any manner whatsoever, Bank PHB’s investments and other assets including but not limited to its business, operations and affairs to Habib Bank Limited, Pakistan or any other in any manner whatsoever altering the shareholding structure of the bank in favour of Habib Bank Pakistan, pending the hearing and final determination of their appeal.

Similarly, some shareholders of Union Bank of Nigeria Plc, have also prayed the appellate court to restrain the CBN appointed management of the bank, whether by itself, or through its agents, servants or privies from disposing off or selling in any manner whatsoever, any of the bank’s investments and other assets including but not limited to its business, operations and affairs, howsoever, pending the hearing and determination of the appeal they brought, challenging the May 19, 2011 ruling of a Federal High Court, Lagos, which struck-out their suit, challenging plans to sale the assets of the bank.

The Union Bank shareholders, dissatisfied with the lower court ruling, in the appeal, are contending that the trial judge at the lower court erred in law when he held that they lacked the locus standi to bring the suit, arguing that virtue of sections 310 and 311 of CAMA, provide for categories of persons who may bring an action to include members (shareholders) of a company, which they are.


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