By INNOCENT ANABA

LAGOS – Some shareholders of Intercontinental Bank Plc have asked a Federal High Court sitting in Lagos, to nullify the alleged Memorandum of Understanding, MoU, signed  with Acess Bank Plc on March 29, 2011,  despite the suit challenging plans by Acess Bank to take over  Intercontinental Bank.

The shareholders had challenged the propriety of the planned sale of their bank to Access Bank, and  prayed the court  to nullify or/and set aside in its entirety, all steps and/or action taken by Intercontinental Bank, its Managing Director, Mr. Mahmoud Lai Alabi and management of the two banks  in “purportedly  signing and/or cause to be signed an MoU between the two banks for allegedly purpose of business combination of both institutions.”

The plaintiffs are asking the court to vacate or declare  the purported MoU, itself as claimed in a “Joint Press Statement” dated  March 28, 2011 in the name and/or behalf of both banks and published in a paid advertorial in the national dailies on March 28, 2011 during the pendency of this suit for being invalid, null and void and of no effect whatsoever.

Mr Onyebuchi Aniakor, counsel to the shareholders, in the application, praying the court to set aside the alleged MoU, argued  that the court had on March 3, 2011 after hearing the petitioners’s ex-parte application, for orders, directed that the respondents be put on notice in respect thereof and adjourned the same to March 11, 2011, which they did.