[b]The Federal High Court sitting in Lagos on Wednesday dismissed a petition brought by five shareholders of Bank PHB Plc seeking to stop the recapitalisation process of the bank.



The court, presided over by Hon. Justice Charles Archibong, upheld Bank PHB’s and the Central Bank of Nigeria’s preliminary objection to the action of the shareholders, accepting the bank’s argument that the shareholders’ action was incompetent and premature, and accordingly dismissed it.



A statement made available to our correspondent said Bank PHB and its directors were represented by the joint firm of Aluko & Oyebode and Udo Udoma & Belo-Osagie, while the CBN was represented by Kola Awodein & Co.



The statement said, “With this judgement, Bank PHB will move speedily towards consummating its recapitalisation deal with the preferred strategic investor and the Asset Management Corporation of Nigeria.”



The bank was close to executing its Memorandum of Understanding with its preferred investor when a high court granted the injunction barring the bank, its directors and the CBN from proceeding with the recapitalisation process.


http://www.punchng.com/Articl.aspx?theartic=Art201106091401768



[/b]

pls what do they mean by recapitalization, im banking with bank phb.

Their bad debts has been bought up and they are loading more money to stand strongest in a lay mans word.

It is a good development though.

fineboy200:

pls what do they mean by recapitalization, im banking with bank phb.

If you love your money/investment it pays you to safeguard it pending when the SAID recapitalization is
successfully concluded.

bad advise,
even if the banks fail , depositors fund are 100% guaranteed!!!!!

Da Doctor:

bad advise,
even if the banks fail , depositors fund are 100% guaranteed!!!!!

if the banks fail(which we dont pray for), it takes nothing less than 6 months b4 depositors get a refund. and depositors might never get anything more than 50% of their fund.

dat was then, not now, and they get 100%

moreover, NO BANK WILL BE FAILED, THEY WILL ALL CAPITALISE.

The pressure will soon die down and the process will flow on well. By Gods grace

Da Doctor:

dat was then, not now, and they get 100%

moreover, NO BANK WILL BE FAILED, THEY WILL ALL CAPITALISE.

The pressure will soon die down and the process will flow on well. By Gods grace

Please lets not deceive innocent nigerians who dont really understand the intensity of the situation on ground
(incase the worst happens).

there is nothing wrong in seeing danger ahead and apply caution.

thats true,
but lets not add slat to the food so that it is not over salted.

Da Doctor:

thats true,
but lets not add slat to the food so that it is not over salted.

needless arguing with you.
if you are an agent of the system, instead of posting comments that will deceive innocent
nigerians i suggest you concentrate effort on CBN and her policies.

LOL,

Agent u said

please go back and read the CBN manual, it is online.

Dont say trashes you dont know of oga.

wasnt i the one who posted the topic?? read the contents well