Description

The dispute giving rise to this appeal emerged from proceedings relating to a proposed scheme of merger between the 1ˢᵗ and 2ⁿᵈ respondents, namely Providus Bank Limited and Unity Bank Plc, undertaken within the context of the banking sector recapitalization framework approved by the Central Bank of Nigeria the 10ᵗʰ respondent in this appeal. In furtherance of the proposed merger, the 1ˢᵗ and 2ⁿᵈ respondents commenced ex parte proceedings before the trial Federal High Court seeking orders convening separate meetings of their shareholders and directors for the purpose of considering and approving the Scheme of Merger. The trial court granted the application and directed that the proposed scheme be presented to the shareholders at court-ordered meetings convened for that purpose.