Some aggrieved shareholders of the defunct Spring Bank (Now Enterprise Bank), have brought a N295.4 billion suit before a Federal High Court in Lagos against Citigroup Global Markets Limited and Vetiva Capital Management Limited.
The shareholders are suing the firms for their alleged involvement in fresh moves by the Assets Management Corporation of Nigeria, AMCON, to dispose of the shares of Enterprise Bank.
Former Spring Bank changed into Enterprise Bank sequel to a takeover deal orchestrated by the Central Bank of Nigeria, CBN, and AMCON.
The aggrieved shareholders, led by Mr. Boniface Okezie, are seeking an order for a declaration that the action of Citigroup and Vetiva Capital in allegedly collaborating to transfer, dispose and create a third party interest over the assets of Spring Bank constitutes an interference with pending matters at the Court of Appeal in Lagos on takeover deal.
The applicants, through their lawyer, Mr. Chucks Nwachuku, are seeking N295.4 billion, which is the value of assets of Spring Bank that are distributable to them as shareholders of the bank upon the admission of the defendants of the worth of the bank.
The shareholders are also asking for an order of perpetual injunction restraining the defendants from further interfering with the assets and undertakings of Spring Bank in any guise, particularly acting as purported financial advisers to AMCON in its bid to dispose of the shares of Spring Bank
Source: Spring Bank shareholders sue firms for N295.4bn (http://nationalmirroronline.net/new/spring-bank-shareholders-sue-firms-for-n295-4bn/)
Well this is going to be one interesting one and i'll very much love to follow this one up. Let's wait and see.......