Abuja — A suit filed by the shareholders of Wema Bank againstthe bank and Central Bank of Nigeria (CBN) over thefour board slots held by Odu'a Investment Limited would be heard by a Federal High Courtsitting in Enugu on Thursday.

The case with suit no. FHC/EN/CP/4/2007, which willbe presided over by a High Court Judge, A. Lewis-Allagoa, was filed at the Federal High Court, Enugu by one Chuma Oguejiofor on behalf of the shareholders.

Odu'a Investment Limited is a subsidiary of Odu'a Group, which is jointly owned by Ogun, Oyo, Osun,Ekiti and Ondo States.

A group of shareholders including the National Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu; Mr. Adebayo Adeleke, Mr. Moses Igbrude and Alhaja S.A. Ayodele Kudaisi have sought an order restraining the CBN from dissolving the board and management of the bank. Alsojoined in the suit as respondents are Mr. Lekan Belloand Mr. Bunmi Fashonu.

Confirming the new date yesterday, Nwosu assured thatthe shareholders would go ahead with the suit against the bank and the CBN.

"Our lawyers have been able to get a new hearing dateof February 28. We are proceeding with this matter and will be physically present in the court on Thursday."

He insisted that Odu'a Investment was no longe rentitled to four slots on Wema Bank board, following the pruning of its shareholding in the bank from 40per cent to 9.8 in compliance with the directive ofthe Central Bank of Nigeria (CBN) to the effect that governments should reduce their shareholding in any bank to a minimum of 10 per cent.

According to him, "our action is aimed at safeguarding the interest of Wema Bank shareholders and also ensuring that the Code of Corporate Governance isstrictly adhered like in order developing anddeveloped countries.

In pursuing the legal action against the bank and the CBN, the shareholders claimed that the CBN ignored the appeal of the Attorney General of the Federation (AGF) and Justice Minister, Mr. Michael Aondoakaa, fora stay of action on the bank pending the determinationof the suit.

They supported their argument with a letter written byAondoakaa. The letter with referenceHAGF/CBN/2008/Vol.1/1 which was addressed to the CBNgovernor read thus

"I wish to draw your attention tothe attached Court Order and the petition addressed tothe President and Commander-in-Chief of the FederalRepublic of Nigeria and the AGF in respect of thedisobedience of court order and breach of rule of law. When contacted CBN's Head of Corporate Affairs , Mr.Festus Odoko said the court could not have prevented the CBN from performing its statutoryrole. According to him, the CBN sacked Omoyeni because he was preventing examiners from looking intothe books of the bank and the banking watchdog couldnot afford to let the bank collapse before performingits statutory role. "Is it not better to take thataction to save the bank than to wait for it tocollapse and take over by the CBN and NDIC to payinsured depositors of the bank?", he queried.