Access Bank moves to block probe of IB acquisition


In a bid to forestall the the probe of how Access bank Plc acquired Intercontinental bank Plc by Financial Reporting Council of Nigerian FRCN, the outgoing managing Director of Access bank plc, Mr Aigboje Aig-Imoukhuede and a Director of the bank Herbert Wigwe have dragged the organization before a Federal High court in Lagos.

The two officers of the Access bank plc are urging the court to determine the power of FRCN to investigate Dr Erastus B.O.Akingbola’s petition in regard to acquisition of the defunct Intercontinental bank plc by Access bank plc.

Consequently the plaintiffs in an application filed before the court by the law firm of Paul Usoro and Aluko & Oyebode seek an order of the court restraining FRCN and its agents,from entertaining,investigating,looking into or sitting over any matter relating to or connected with or ancillary however to acquisition of the defunct Intercontinental Plc or purporting to pass or make any judgment, administrative or make any recommendation to the President of the Federal Republic of Nigeria in terms of the organisation’s letter of invitation sent to the bank officials pending the hearing and final determination of the substantive suit they filed.

However the FRCN’s counsel Mr Moyosore Onigbanjo SAN filed a notice of preliminary objection challenging the jurisdiction of the court to hear the suit and counter affidavit in opposition to the plaintiff’s affidavit in support of their court process.

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The respondent did not file any court process in opposition to the plaintiff’s application for injunction on the ground that the jurisdiction of the court is being challenged

The court in its ruling refused to grant the plaintiffs’ application or make any preservative order on the ground that its jurisdiction is being challenged.

The plaintiffs being dissatisfied with the ruling of the court have appealed to the court of appeal Lagos division, urging the court to direct the respondent to maintain the status quo pending the hearing and determination of their appeal.

Justice Mohammed Idris has adjourned further hearing till 4 June 2014 when the plaintiffs’ would be heard.