Court summons Sanusi over alleged fraudulent sale of Intercontinental Bank

• Shareholders seek N10b damages from him
A FEDERAL High Court sitting in Abuja has ordered the suspended Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, to appear before it in a suit filed by some aggrieved shareholders of the defunct Intercontinental Bank of Nigeria who are asking for N10 billion damages.
Ruling on an ex-parte application filed by Mr. Chris Uche on behalf of one Abdullahi Sani, Adaeze Onwuegbusi and Chijioke Ezeikpe, Justice AbdulRamat Mohammed ordered the service of the originating summons on any adult in the office of the governor of the CBN or the notice board of the bank.
The plaintiffs, in their originating summons supported by a seven-paragraph affidavit, want the court to determine whether the suspended governor, Lamido Sanusi, did not act fraudulently by deliberately strangulating the banking operations of Intercontinental Bank to the detriment of the plaintiffs as shareholders.
They are therefore praying the court to declare the sale of Intercontinental Bank by Sanusi as unlawful, fraudulent and of no legal effect whatsoever.
Joined in the suit as defendants are the CBN and Securities and Exchange Commission (SEC).
The plaintiffs’ counsel, in the originating summons, argued that Sanusi deliberately strangulated the operations of his clients’ bank by falsifying its actual financial state before revoking its operating licence.
He said that the suspended CBN governor went on to undervalue the bank and sold it to his friends to the detriment of the plaintiffs, who were shareholders.
The plaintiffs claim that Sanusi’s friends who bought Intercontinental Bank constituted the bulk of the alleged non-performing loans, which was the purported reason for declaring the bank insolvent.

Uche submitted that instead of recovering the loans totaling N25 billion from them, Sanusi waived the repayments and sold the bank at a ridiculous N50 billion to his debtor-friends.
He said that at the time of the transaction in August 2009, the bank had a paid-up capital of N230 billion, 330 branches nationwide, a balance sheet of N1.6 billion and staff strength of over 12,000.
The plaintiffs’ counsel, therefore, urged the court to declare the take-over of Intercontinental Bank by Access Bank under Sanusi’s instructions and supervision ``unlawful, fraudulent, illegal, null and void.’’
He also prayed for a court order for SEC to conduct a detailed investigation into the circumstances of the transaction to protect his clients’ interest and apply appropriate sanctions against parties in the fraud.
Uche also prayed the court to order the CBN to recover the N25 billion loan still being owed by Sanusi’s friends with accrued interest, while Sanusi should pay the plaintiffs N10 billion as general damages.
``It is also in the interest of justice for this court to grant us damages as we have suffered untold hardships, including retrenchment from the services of the bank.
This was due to fraudulent acts, corrupt practices, collusion and abuse of public office by the first defendant,’’ the plaintiffs said.
Justice Ahmed Mohammed granted the plaintiff’s application to serve Sanusi by substituted means as prayed by their counsel and adjourned the case to May 14 for hearing.
He ordered that Sanusi should be served with the originating summons and all other processes through an official of the CBN or the notices be pasted on the CBN Notice Board.