By Innocent Anaba

LAGOS — Some shareholders of Union Bank Nigeria Plc have prayed the Court of Appeal, Lagos to stop the Governor of Central Bank Nigeria, Mallam Lamido Sanusi, from going ahead with his plan to sell the shareholdings of the bank by the middle of August.

Sanusi,  had at different fora, indicated the readiness of the apex bank to dispose the rescued banks by the middle of August, 2010.
The shareholders, in an application by the President of Progressive Shareholders Association, PSA, Boniface Okezie and others, want the appellate court to bar Sanusi from entering into discussions with some “unnamed interest” groups regarding acquisition of the bank, pending the determination of the appeal before the court.

The shareholders are praying the court to restrain Sanusi and the incumbent management of Union Bank under the leadership of Funke Osibodu from “entering into any arrangement with any person, institution or authority, including themselves and the Federal Government to dispose any share of the bank or howsoever to transfer its control, management and assets to any person or authority,” pending the determination of the appeal against the ruling of Justice Binta Murtala-Nyako of the Federal High Court in Lagos.

Other defendants in the suit are Nigeria Deposit Insurance Commission, NDIC; Federal Attorney-General; Economic and Financial Crimes Commission, EFCC and Osibodu, who was sued on behalf of herself and others appointed by Sanusi to Union Bank board.