From This day Online

A Federal High Court in Lagos, presided over by Justice Isaac Ejiofor, yesterday approved the final merger of Intercontinental Bank Plc, with three others firms.

The other three banks included; Equity Bank of Nigeria Plc, Gateway Bank and Global Bank.
Delivering a ruling in a joint petition brought by the four banks, Justice Ejiofor said the banks’ prayer for final merger  to form Intercontinental Bank Plc, had been granted.
The court also ordered the cancellation of the authorised and issued share capital of Equity Bank, Gateway Bank and Global Bank and allotted the shares of Intercontinental Bank to the share holders of the three other banks as fully paid ordinary shares upon the exchange ratio set out in the scheme of merger.
Specifically, the judge ordered that the whole authorised and issued share capital of Equity Bank, Gateway Bank, and Global Bank shall be delivered up and canceled.
The judge also held that the shares in the Intercontinental Bank shall be issued and allotted as fully paid up ordinary shares of Equity Bank, Gateway Bank and Global Bank upon the exchange ratio set out in the merger scheme.
He ordered that the holders of the fully paid up ordinary shares of the Intercontinental Bank as at September 30, be the recipient of the shares due to Intercontinental Bank from exchange of fully paid up shares held in Equity Bank by Intercontinental  at the ratio three extra Equity Bank shares for every 43 ordinary shares held in Intercontinental Bank.
Justice Ejiofor also ordered that all assets and liability of Equity, Gateway, and Global banks be transferred to and vested with Intercontinental Bank without further act or deed, while the three merging banks were to be dissolved without winding up.
He also held that all legal proceedings by or pending against the three banks, Equity, Gateway and Global should be maintained by Intercontinental Bank.

While the merger takes effect from the date the court made the order sanctioning the scheme.
With the approval yesterday, the bank has become the first merged bank to effectively take off under the consolidation programme initiated by the Central Bank of Nigeria last year.
The merger was packaged by the renowned law firm of Aina, Blankson and Co as the lead legal consultant.