Court stops CBN, others from selling Finbank

A Federal High Court, Lagos, yesterday restrained the Central Bank of Nigeria (CBN), Finbank Plc, First City Monument Bank (FCMB) and directors of Finbank from “selling or howsoever taking any steps and/or further steps to dispose and /or sell in any manner whatsoever Finbank Plc to FCMB.” Trial Judge, Okechukwu Okeke, also restrained them from taking further steps on a purported Memorandum of Understanding (MoU) for business combinations recently signed between the two banks.

In his ruling on an ex-parte application filed by the former Managing Director, Finbank, Okey Nwosu and an erstwhile Executive Director of the bank, Dayo Famoroti, Okeke restrained the two banks from altering the shareholding structure of Finbank in favour of FCMB. The orders are to subsist pending the hearing and determination of the suit fixed for May 26, 2011. - www.mannamart.com