Court grants NDIC prayer to wound up Shelter Microfinance Bank Limited
By Onyewuchi Ojinnaka
Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos has pursuant to the provisions of Banks and Other Financial Institutions Act 2020 (BOFIA), Nigeria Deposit Insurance Corporation Act 2006 Cap N102 Laws of the Federation of Nigeria 2004 (NDIC ) and the provision of Companies and Allied Matters Act (CAMA )2020 Cap C 20 Laws of the Federation of Nigeria, granted the prayers of NDIC to wound up Shelter Microfinance Bank Limited.
Justice Aneke further appointed NDIC as the liquidator of the Shelter Microfinance Bank Limited in-liquidation, pursuant to provisions of NDIC Act 2006, Cap N102 Laws of the Federation of Nigeria 2004.
This was the judgement of the Court on Suit No FHC /L/CP /215/2019 in which the NDIC as the Petitioner, filed a petition dated March 11, 2019 against Shelter Microfinance Bank Limited as the Respondent.
Delivering judgement on the suit last Monday July 21, the Judge referred to paragraphs 3, 4, 5, 6 and 7 of the petition which was supported by a 4-paragraph verifying affidavit sworn to by a legal officer with NDIC, one Otaye Ochuko and a written address of counsel to the NDIC.
Justice Aneke held that in his view, the Petitioner has disclosed substantial facts to warrant an order for the wounding up of the Respondent being granted by the court.
“It is in the interest of the public that the Respondent be wound up, having ceased micro financial banking activities as well as revocation of its operating license by the Federal Government of Nigeria “
“It is thus the considered view of this Honourable Court that given the uncontroverted facts disclosed by the petitioner in its processes herein and having satisfied the requirement of the law, that it is just, equitable and in the overall interest of the general public that the reliefs sought in this petition be granted in the following terms: That Shelter Microfinance Bank Limited be wound up pursuant to the provisions of BOFIA 2020, NDIC Act 2006 and where not contrary, provision of CAMA 2020 Laws of the Federation of Nigeria.
“That the Nigeria Deposit Insurance Corporation is appointed as the Liquidator of Shelter Microfinance Bank Limited pursuant to the provisions of NDIC Act 2006 Cap N102 Laws of the Federation of Nigeria 2004”.
During the hearing of the matter, Dr. O. Durotimi Esq. appeared for the petitioner whereas the Respondent had no legal representation.
