Union Bank’s Recapitalisation: Supreme Court Orders Fresh Hearing Of Aggrieved Shareholders’ suit

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The Supreme Court has set aside the refusal of the Federal High Court, Lagos to hear a suit by some aggrieved shareholders of Union Bank of Nigeria (UBN).

The shareholders, led by Boniface Okezie, are by their suit, challenging among others, the 2009 sack of the bank’s directors by the then Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, his appointment of Funke Osibodu as the bank’s Managing Director and the injection of funds into the bank in the name of recapitalization.

In a ruling, the Federal High Court struck out the plaintiff’s originating summons and held that it was defective, having not raised issues for the court’s determination.

On appeal at the Court of Appeal, Lagos, the appellate court upheld the decision of the trial court, prompting the shareholders to appeal to the Supreme Court.

The Supreme Court, in its judgment on Friday, allowed the appeal by the shareholders and set aside the decisions of the Federal High Court.

 

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