Courts Hear Criminal Charges Against SEC, NSE, Bank PHB

By ADEYEMI ADEBANJO

Two different Federal High Courts in Lagos will today commence hearing into two different criminal cases instituted by Legacy Omega Bank, and Legacy Fountain Trust Bank against the Directors-General of Security and Exchange Commission (SEC), Musa Al-Faki, and Nigeria Stock Exchange, Ndi Okereke-Onyuike, seeking to commit them to prison for disobeying a court order.
It would be recalled that four out of the six Legacy banks that constituted Spring Bank have got court orders restraining both banks from entering into acquisition talks.
Both groups have also secured ex-parte orders restraining Bank PHB and Spring Bank from entering into acquisition talks pending the determination of the main suit before the court.
Facts also emerged at the weekend on why Bank PHB went ahead, last week, to hold an extra-ordinary general meeting despite two different court injunctions restraining it from holding the meeting.
Sources close to the bank said at the weekend that the wife of a prominent Nigerian intervened to save a substantial investment of the late General Shehu Musa Yar-Adua.
The late General and the late Chief MKO Abiola were the major owners of Habib Bank which merged with Platinum Bank during the banking consolidation exercise of 2005. At the end of the exercise, Habib Bank emerged as the junior partner. This was why Kola Abiola got the position of chairman, and Mr. Francis Atuche of Platinum got the position of Managing Director. Besides, the former chairman of Platinum Bank, Dr. Pat Utomi became the Vice Chairman.