By Innocent Anaba
LAGOS—The Federal Government, has filed its appearance in suit before a Federal High Court sitting in Lagos, by some aggrieved shareholders of Afribank Plc, Bank PHB Plc and Spring Bank Plc, who are challenging the revocation of the licences of their banks by the Central Bank of Nigeria, CBN.

The court, had following an ex-parte application by the shareholders, restrained Mainstreet, Keystone and Enterprise banks from dealing with the assets of the former banks, pending the determination of the suit.

FG’s counsel, Mr. Fabian Ajogwu, SAN, on behalf of the  Attorney General of the Federation, in a preliminary objection, is asking the court to dismiss the suit for want of jurisdiction, on the grounds that the key reliefs sought by the plaintiff were statute barred and  did not provide legal persons against, whom the main allegations were made an opportunity of  fair hearing, by deliberately leaving them out in the suit.

The FG contended that it had not been shown any authority either by the shareholders, board or management of the bank to bring the action in the name of the bank.

Trial judge, Justice Charles Archibong, had on November 14, stopped the bridge banks from dealing with the assets of Afribank, Bank PHB and Spring Bank.

The plaintiffs, among them, Boniface Okezie, Adeyemi Kehinde, Adebowale Bolanle and Cole Alexander are in court, challenging the nationalisation of Afribank Plc, Bank PHB and Spring Bank on the ground that the action violates their rights to freedom from compulsory acquisition of property guaranteed under the constitution and the prohibition of nationalisation of enterprises contained in Section 25 of Nigeria Investment Promotion Commission Act.

Defendants in the suit are Mainstreet, Keystone and Enterprise banks, CBN, NDIC, AMCON, Securities and Exchange Commission,  Nigerian Stock Exchange, Afribank Plc, Bank PHB Plc, Spring Bank and  Minister of Finance.

The shareholders are contending in the suit that the revocation of the licenses of the nationalised banks by the CBN Governor, Lamido Sanusi  was prejudicial to their rights to invest in public quoted companies in accordance with the Nigeria Investment Promotion Commission Act and the Investment and Security Act.