Facts:

Petitioners are two commercial banks – 1st petitioner United Bank for Africa PIc and 2nd petitioner Standard Trust Bank PIc. The application before the court is seeking the sanction (approval) to a Scheme of Merger under section 100 of the Investment and Securities

Act 1999 for the scheme merger of the 2nd petitioner with the 1st petitioner United Bank for Africa PIc. The scheme proposes that the entire authorized share capital and the 8,000,000,000 fully-paid ordinary shares of the 2nd petitioner be cancelled and the 2nd petitioner be dissolved, without being wound up. Furthermore, that all assets and liabilities and undertakings, including real property and intellectual property rights of the 2nd petitioner be transferred to and be vested in the 1st petitioner, without further act or deed.