The Federal High Court in Lagos on Wednesday nullified Bank PHB’s acquisition of Spring Bank.

Mr. Udensi Ifegwu and Mr. Emmanuel Okorie, shareholders of Spring Bank, had in 2008, filed a suit urging the court to halt the planned acquisition of the bank.

They listed Bank PHB, Spring Register Ltd, CBN, SEC, NSE, Spring Bank and Westcom Technologies and Energy Services Ltd as respondents in the suit.

Justice Akanbi had then restrained the respondents from carrying out the planned acquisition of Spring Bank shares by Bank PHB, pending the determination of the suit.

In his ruling on Wednesday, Justice Lambo Akanbi said that the acquisition was a flagrant disobedience of the subsisting order of the court.

“Such disobedience could subvert peace, law and order in the Country.

“Obedience of court is fundamental to order, peace and stability of the society. The ugly alternative is a painful remembrance of the triumph of brute force or anarchy.

“I regret to observe that those agencies of government (CBN, NSE and SEC) are promoting anarchy and executive indiscipline capable of wrecking the organic framework of the society,’’ he said.

Akanbi said for Nigeria to have stability and democracy sustained, the rule of law must be allowed to follow its normal course unencumbered.

“The integrity of the court is at stake and it must therefore intervene to protect and preserve its integrity lest it be made a laughing stock.

“The judiciary cannot be a passive onlooker when any person attempts to subvert the administration of justice as in the case before it,” Akanbi held.

The Judge also restrained Bank PHB from changing or taking any step towards changing the name, logo and title of Spring Bank.

Akanbi consequently adjourned the case till February16, 2010 for mention.

 

 

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