Afribank, Bank PHB, Springbank shareholders ask for compensation

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(Nigeria) Shareholders of defunct Afribank Plc, Bank PHB Plc and Springbank Plc, on Tuesday, urged the Court of Appeal Lagos, to order their compensation following revocation of the banks' licences in 1999. 
They are praying the court to overrule a Federal High Court judgment delivered by Justice Charles Archibong (then of the court), which dismissed their originating summons. 
According to them, the defunct banks' assets can not be transferred free of charge to another entity without compensation to the shareholders.
 Respondents are: The Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), and the Securities and Exchange Commission (SEC),
Also joined as respondents are: The Nigerian Stock Exchange (NSE) Mainstreet Bank (former Afribank), Keystone Bank Ltd (former Bank PHB) and Enterprise Bank Ltd (former Spring Bank). 
The appellants, represented by Mr Boniface Okezie, Mr Adeyemi Kehinde and Mr Adebawola Bolanle, argued that Justice Archibong misconceived the law, when he validated the respondents' action.
 They argued that the respondents revoked the banks' licences, transfered their assets without cost to Mainstreet, Keystone and Enterprise banks, and also de-listed their shares from the NSE. 
The appellants maintained that these acts were in breach of the law, as they were based on reasons inconsistent with the law.
They are therefore, seeking damages, while urging the appellate court to uphold their appeal.
"The court is respectfully urged to allow the appeal and grant the reliefs sought on the originating summons.
"Damages should be assessed at the rate of the difference between the value of shares of Afribank, PHB and Spring, on the stock exchange at the time of the intervention of the CBN Governor in the banks, in 2009,". They said
They also want the damages accessed at their nominal value of N1 per share.
The shareholders argued that SEC and NSE, which ought to protect their interest, went ahead to de-list the banks' shares from the exchange without any form of compensation to the shareholders.
CBN and SEC in response, are urging the appellate court to dismiss the appeal as lacking in merit and with substantial cost against the appellants.

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