THE planned sale of Platinum Habib Bank Plc (Bank PHB) by the Central Bank of Nigeria (CBN) to Habib Bank Limited of Pakistan has suffered a setback as a Federal High Court, Lagos yesterday halted the move pending the determination of a suit by some aggrieved shareholders.

The court, presided over by Justice Charles Archibong also ordered a substituted service of the originating and other processes in the suit on the 2nd to 13th respondents, by service thereof on the company secretary or any other officer of the bank at its head office at No.1 Bank PHB Crescent, Off Adeyemo Alakija Street, Victoria Island, Lagos, for such service to be deemed good and proper.

In the order, which was sequel to a motion exparte dated March 9, 2011 and filed on March 10 by the shareholders, the court also granted the petitioners leave to serve the 14th respondent (Habib Bank Limited Pakistan) out the jurisdiction at its head office on 20 Habib Bank Plaza, Karachi, Pakistan through and by a recognised courier company such as DHL Courier Services and UPS Courier Services for such service to be deemed good and proper.

The shareholders, including Shofolahan Sunday, Ajani Tunde Oluwole, Anyanwu Chukwuma Leonard, Orji Azubuike Sunday and Akpala Ojore had, in a petition, urged the court to “restrain the CBN and 11 other respondents from jointly and/or severally, whether by themselves or through their agents, from howsoever taking any steps and /or further steps to dispose off and/or sell or any manner whatsoever alienating any of the bank’s investments and other assets, including but not limited to the bank’s business, operations and affairs to Habib Bank Limited, Pakistan, or any other person and /or in any other manner whatsoever altering the shareholding structure of the bank in favour of Habib Bank Limited, Pakistan or any other such entity.”