A group of shareholders of the former Afribank say that the CBN's action was illegal.

A Federal High Court in Lagos have been asked by some shareholders of Afribank Plc to set aside the revocation of their bank’s licence in its entirety by the Central Bank of Nigeria, CBN.

They made this known through their counsel, Mr Onyebuchi Aniakor. They challenged the propriety of the revocation of their bank’s licence by the CBN, insisting that the apex bank had ridiculed the judiciary with its action.

Read More >> [url]http://dailytimes.com.ng/article/afribank-shareholders-sue-cbn-over-revocation-bank%E2%80%99s-licence[/url]

They should have recapitalized their Bank before CBN hammer fell on them.

Greenslim:

They should have recapitalized their Bank before CBN hammer fell on them.

CBN did not allow them to do that

ZE:

CBN did not allow them to do that

Throw more light please.

Some lawyers are smiling to the bank.

this sanusi and his miltary style of leadership sef. Destroying the banking industry in the name of reformation. Abeg make finance minister reduce him power or else na destruction we dey expect.

The finance minister can not do anything, Sanusi is here to stay.

@omaojo1

i recall there a thread regarding this issue somtime ago in which you posted.if you had really understood the various arguments on that thread,you will have realised that sanusi gave the banks till september 30 to recapitalise.he acknowledged that they had repaid their share of the bailout fund total of which was 150billion naira.he also admitted the banks werent in any serious danger of liquidation.his only reason for liquidating them was because he felt they wouldnt meet the deadline for recapitalisation,a date that at the time was almost 2 months away.

Just in case you havent heard,the MDs of the bank have been paid hefty severance packages which according to sanusi is "industry standard"

i am not a lawyer but by my little knowledge,sanusi has acted ultra vires and the shareholders are right to have instituited this case.goodluck to theme been paid hefty severance packages which according to sanusi is "industry standard"

i am not a lawyer but by my little knowledge,sanusi has acted ultra vires and the shareholders are right to have instituited this case.goodluck to them

Delafruita:

@omaojo1

i recall there a thread regarding this issue somtime ago in which you posted.if you had really understood the various arguments on that thread,you will have realised that sanusi gave the banks till september 30 to recapitalise.he acknowledged that they had repaid their share of the bailout fund total of which was 150billion naira.he also admitted the banks werent in any serious danger of liquidation.his only reason for liquidating them was because he felt they wouldnt meet the deadline for recapitalisation,a date that at the time was almost 2 months away.

Just in case you havent heard,the MDs of the bank have been paid hefty severance packages which according to sanusi is "industry standard"

i am not a lawyer but by my little knowledge,sanusi has acted ultra vires and the shareholders are right to have instituited this case.goodluck to theme been paid hefty severance packages which according to sanusi is "industry standard"

i am not a lawyer but by my little knowledge,sanusi has acted ultra vires and the shareholders are right to have instituited this case.goodluck to them

Check my previous posts and u'll better understand my position.

The banks did not repay any bailout fund, AMCON did after taking them over. Where did they get the money to repay from?

True that they paid the outgone executives severance packages, none of them got over a 100million naira. If that is hefty in your books, its ok.

The tall and short is that the banks technically do not have shareholders.

@all

can sum1 pls tell me what will happen to afribank account holders and their funds.

cheers

Greenslim:

They should have recapitalized their Bank before CBN hammer fell on them.

ZE:

CBN did not allow them to do that

omaojo1:

Throw more light please.

do you want me to explain it in your native language?

Where were the shareholders when the Bank directors were mismanaging the banks?
Taking CBN to court is a belated and worthless exercise
Nothing will come out of it. Guaranteed!.
I was also a shareholder of Afribank,PHB and Spring Bank.
CBN acted wisely, rather hastily but in the overall interest of the economy.