By Innocent Anaba

LAGOS- The Court of Appeal, Lagos, Tuesday, adjourned till February 20, 2012 for parties to adopt their written addresses in the appeal by former Managing Director of Intercontinental Bank, Dr. Erastus Akingbola, challenging the ruling of a Federal High Court, Lagos, which dismissed his suit, challenging the planned sell of his former bank to Access Bank.

At yesterday’s hearing in the matter, Akingbola’s counsel, Mr. Onyebuchi Aniakor, told the court that he had not been able to finish compiling record of proceeding from the lower court, but promised to conclude it in seven days.

Counsel to the Central Bank of Nigeria, CBN; its governor, Malam Lamido Sanusi, Access Bank and other respondents, prayed the court to hear the substantive appeal, an application not opposed by counsel to the appellant.

The appellate court, after counsel to parties indicated how long it would take them to respond to whatever processes were filed, adjourned for parties to adopt their written addresses.

Akingbola, in the appeal, wants the appellate court to stop CBN and Sanusi from liquidating or revoking Intercontinental Bank’s operation licence.

He also wants the court to restrain CBN from withdrawing Intercontinental Bank’s inter-bank guaranty, pending the determination of the appeal.

Justice Okechuwku Okeke of the lower court, had dismissed a suit by Akingbola and a former executive director of Intercontinental Bank, Bayo Dada challenging a Memorandum of Understanding, MoU, for business combination recently signed by their former bank and Access Bank.

Akingbola and Dada were insisting that CBN was wrong to have masterminded the signing of the said MoU without recourse to them as shareholders and former directors of Intercontinental Bank.

Dada had specifically urged the court to set aside a letter issued by CBN removing him from the board of Intercontinental Bank.

Akingbola and Dada in the appeal, are contending in the appeal that lower court made fundamental errors in its judgment.